ASIC has issued a five-year ban to former Macquarie Equities Limited authorised representative Brett O'Malley for unauthorised discretionary trading.
Mr O’Malley has been banned from providing financial services after an ASIC investigation found he had engaged in discretionary trading on nine client accounts between February and November 2012, according to an ASIC statement.
The corporate regulator said the actions were a breach both of financial services laws and Macquarie Equities Limited (MEL) policy.
Mr O’Malley was also found to have created false records relating to the unauthorised trading activity, ASIC said.
“MEL is currently conducting a review process to compensate clients of Mr O'Malley for any losses suffered as a result of his conduct as part of a broader client remediation process which has been undertaken by MEL as agreed under an enforceable undertaking accepted by ASIC in January 2013,” the statement said.
Senator Deborah O’Neill clashed with Joe Longo and Sarah Court on Thursday over whether licensed financial advisers have ...
Despite arguments that the complaints authority automatically classifying an SMSF with less than $10 million as retail ...
APRA has warned retail super trustees that financial adviser involvement in recommending platform products does not ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin