ASIC has permanently banned a former AMP adviser who was found guilty of fraud and stealing and sentenced to six and a half years' imprisonment.
ASIC has permanently banned Daniel Joseph Noonan, a former financial adviser based in Hobart, from the credit and financial services industries.
Noonan was an adviser at AMP Financial Planning from 2004 to 2016 according to the ASIC adviser register.
After pleading guilty Noonan was banned and convicted of 97 counts of fraud and 10 counts of stealing in the Supreme Court of Tasmania on 23 June 2017, following an investigation by Tasmania Police, the ASIC statement said.
Noonan was sentenced to six and a half years' imprisonment with a non-parole period of half that sentence.
The charges related to Noonan misappropriating a total of $2,495,117 from 14 clients over a period of nine years. During that time, Noonan was an authorised financial services representative of AMP Financial Planning Pty Ltd.
Noonan used the money that he fraudulently obtained or stole to gamble or replace sums already misappropriated. When sentencing Noonan, Justice Estcourt of the Supreme Court of Tasmania described Noonan’s crimes as ‘egregious violations of his fiduciary duty to his clients,’ the statement said.
ASIC deputy chairman Peter Kell said, 'ASIC will act to remove people from the credit and financial services industry who act dishonestly and breach the trust of their clients.'
The banning is effective from 15 August 2017.
Noonan has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
Resolution Life Australasia severs ties with AMP.
AMP and TAA have sought an increase in the cap on life insurance commissions for financial advisers.
The government has announced a post-implementation review of the removal of the stamping fee exemption.
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.