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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- 18 Aug 2017Banks the key to closing advice gap, Tria saysBy Larissa Waterson
- 18 Aug 2017Adviser ethics certification launchedBy Staff Reporter
- 18 Aug 2017Banks evade FOFA, industry funds claimBy Larissa Waterson
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- view all