According to an ASIC statement today, Daniel Peter Logan, formerly of Brisbane, had engaged in dishonest conduct between 2013 and 2015 by creating false documents to entice an acquaintance to invest money through him.
The acquaintance was not a client of ASP, the statement said.
Mr Logan then used those funds for personal use, ASIC said, and created false documents to perpetuate the belief that those funds had been invested.
ASIC believes Mr Logan’s conduct was “not a lapse of judgement”, but rather he engaged in deliberate and repeated acts to perpetuate the dishonesty, displaying a lack of integrity and professionalism.
ASIC deputy chairman Peter Kell said, “Mr Logan’s wrongdoing was very serious. His actions were not limited to an isolated incident, but were designed to deceive over a period of time and conceal his initial wrongdoing.
“ASIC will ensure financial advisers who behave dishonestly are removed from the financial services industry.”
Mr Logan has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Anne Street Partners was formerly known as Wright Patton Shakespeare before being sold to Mayfair Limited, which has ties to British politician Lord Michael Ashcroft.
In 2015, ASIC sought to ban former WPS boss Craig Gore.
***Update***
Anne Street Partners has said it welcomes the result of ASIC’s investigation and permanent banning order against Mr Logan.
According to a statement issued to ifa, Mr Logan was dismissed from Anne Street Partners following an internal investigation in 2015 which uncovered the fraudulent conduct involving the acquaintance.
As a responsible AFSL holder, Anne Street Partners immediately reported this fraudulent activity to ASIC, the statement said.
“We welcome the result of the ASIC banning order resulting from our internal investigations in order to protect the reputation of the financial services industry and the thousands of finance professionals who work in it,” said Anne Street Partners chief executive Michael Adamson.
“It is crucially important for the benefit of Australia’s financial advice sector that ASIC acts promptly on reports lodged by AFSL holders and has the power to remove financial advisers who behave and act dishonestly from the financial services industry entirely”.
Mr Adamson also confirmed that a full review of Mr Logan’s client files was undertaken after his termination and no other individuals or Anne Street Partners clients were affected.
I previously ran a mid sized business with 40 planners and I would only hire asp or wps planners if they left within 6 months within starting there, any longer and there habits were to ingrained
Pretty big generalisation there. I got my start there and worked there for 16 months, somehow managed to maintain my ethics despite the companies lack of ethics, and I still do long after leaving.
Fair enough, maybe 18 months then, and I will add that the planners who had left there after a short term had very good ethics and were probably our most compliant planners,
So a WPS / Anne Street Partners adviser was involved in deceptive conduct? Shocking! Might be time for another re-brand / name change.
Why does there need to be an update, basic journalism would dictate you contact Anne st for comment not just paraphrasing an asic press release
The fact is he was there operating under their licence.
…… This article is kinda confusing and even misleading. If this adviser is the former employee of ASP it means he is no longer there, then why the article links the banned adviser back to his former employer then dip the old old past of the former employer which is not complete story too.