A former Sentry-aligned adviser, who was dropped by his licensee more than six months ago, has been reprimanded by a Melbourne court recently for continuing to provide financial services.
An investigation by Consumer Affairs Victoria found that Anthony Lee had been offering several services – including financial advice – via his companies Fair Finance Group and Fair Financial without a licence, according to a statement by the consumer affairs regulator.
His company website FairFinancial.com.au was also found to have falsely stated Mr Lee was still an authorised representative of dealer group Sentry Financial Services.
"Checks with ASIC indicated this was not the case," the statement said.
The Melbourne Magistrates' Court has since restrained Mr Lee and his two companies from offering financial services until he is once again authorised to do so. He was also ordered to remove the authorised rep content from his website, the statement said.
In an email to ifa, a Sentry spokesperson said the company terminated its relationship with Mr Lee on 17 April 2015.
"Sentry requires its authorised representatives not to engage in any other business activities and to meet minimum commercial revenue standards," the spokesperson said.
"His business model did not fit Sentry's requirements."
Consumer Affairs Victoria is also taking separate action against another one of Mr Lee's companies, known as Bluebell Conveyancing Australia.
According a statement in July, that company has been restrained from operating as a conveyancing business by the Melbourne Magistrates' office.
"[Mr Lee], the sole director of Bluebell Conveyancing, has been restrained from having any involvement in any unlicensed conveyancing business, or making any representations that an unlicensed person or company is authorised to operate a conveyancing business," the statement said.
"Bluebell Conveyancing and Mr Lee were also ordered to close the website BluebellConveyancing.com.au, and do their best to keep it and any similar websites closed until Bluebell Conveyancing is appropriately licensed or authorised to operate as a conveyancer."
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