ASIC has permanently banned a former financial adviser after an investigation by the corporate regulator found he was “not of good fame or character”.
Adam David Joyner, a former authorised rep of collapsed boutique Peter Joyner & Associates, has been banned from providing financial services following an investigation.
“ASIC found that Mr Joyner engaged in dishonest conduct that was both deliberate and persistent over a period of three years in relation to four clients, most of whom were elderly,” said a statement from the regulator.
“Further, Mr Joyner was found to have been operating a financial services business, for a brief period, without holding an Australian financial services (AFS) licence.”
Mr Joyner was found to have purchased and sold shares without client authority, leading to losses of more than $1 million.
He was also found to be un-cooperative with ASIC during the investigation process, the statement added.
The AFSL of Peter Joyner & Associates was cancelled in 2011.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 14 Dec 2018ASIC clarifies RG 146 requirements for advisersBy Adrian Flores
- 14 Dec 2018Sargon Capital acquires listed robo adviserBy James Mitchell
- 14 Dec 2018Industry body flags CPD burden under FASEA proposalBy Adrian Flores
- 14 Dec 2018Adviser exodus creating ‘enormous opportunity’ for accountantsBy Jotham Lian
- 14 Dec 2018Advisers embracing ESG investing, says surveyBy Adrian Flores
- 13 Dec 2018AFA picks apart CPD policy from FASEABy Adrian Flores
- view all