A former authorised representative of Futuro Financial Services has been banned for life on the basis that he is not of “good fame or character”.
South Australian Robert Pryor Smith, the director of Advice 4 Wealth, has been banned following an ASIC investigation into his activity as an authorised representative of non-bank licensee Futuro.
“An ASIC investigation found that between 29 December 2008 and 12 July 2016, Mr Smith electronically transferred a total of $278,042.58 from the bank account of a deceased estate for which Mr Smith was the trustee and executor to bank accounts held in Mr Smith's name, or in the name of Advice 4 Wealth,” said an ASIC statement.
“ASIC found that Mr Smith's conduct was designed to benefit his own interest and financial needs at the expense of the estate and the beneficiaries. ASIC also found that Mr Smith's conduct was dishonest and that he made false statements about what happened to the estate funds.”
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