On Friday, the corporate regulator announced that Cymon Fontaine, a former consultant with Wyndham Vacation Resorts, has been permanently banned from providing financial services.
The banning order comes four months after Fontaine was convicted of defrauding six clients of more than $100,000 and sentenced to four years’ imprisonment by the Southport District Court on 3 March 2017.
Mr Fontaine was found to have used his position as a Wyndham authorised representative to obtain funds from clients to purchase timeshare credits, which he subsequently used for his own purposes.
“This kind of dishonesty is not tolerated by ASIC or the community,” said ASIC deputy chair Peter Kell.
An ASIC spokesperson told ifa the length of time between Fontaine’s conviction and banning were reflective of normal protocol.
“We usually wait for sentencing comments to be processed and published from the court, and the fact he was in jail already meant there was no urgency such as protecting the public from him,” the spokesperson said.
ASIC’s register of financial advisers lists 353 individuals as current authorised representatives of Wyndham Vacation Resorts, with more than 700 ceased.
Wyndham Vacation Resorts did not respond to a request to comment on Fontaine’s banning order.
they are salesman only and the ring you and drive you nuts with the bullshit they try and persuade I have time share but they have been warned not yo contact me I believe most of them are backpackers
Timeshare is the problem. First address this fort and then look at the consultants fraudulent behaviour asic.
So ‘timeshare credits’ are obviously a financial product, hence the need to be Authorised Rep’s, and direct property is still not. Wake up ASIC and fix this mess.
Get the lot of them off our register. Who on earth registered them in the first instance!
these are not advisers, why are they on our Register???