Former BBY adviser banned for 10 years

>From September 2013 to May 2015, Perth-based Sergio Belardo was an authorised representative of BBY, and provided the business’ retail clients with advice and dealing services for financial products such as securities and derivatives.

An ASIC investigation found Mr Belardo had engaged in unauthorised discretionary trading on multiple client accounts, engaged in trading on client accounts that didn’t align with the agreed investment strategy, and provided clients with inaccurate information regarding their accounts.

“Financial advisers are expected to act with honesty and in the interests of their clients. ASIC will take action against those who breach their clients' trust,” said ASIC commissioner Cathie Armour.

A delegate for the regulator found Mr Belardo was likely to contravene financial services law at a hearing.