ASIC has permanently banned a Brisbane-based adviser licensed by Morgans Financial for taking funds he borrowed from clients to put into his own personal investments.
The corporate regulator has permanently banned Queensland financial adviser Michael Gordon McIlwraith Taylor.
From 2007 to 2015, Mr Taylor borrowed approximately $1.2 million from 16 clients to fund his own investments, and in doing so "took advantage of his professional relationship with those clients" and "exposed them to high financial risks," said an ASIC statement.
"Borrowing from clients involved a conflict of interest which should have been apparent to Mr Taylor prior to him borrowing.
"Mr Taylor also failed to consider the personal circumstances of five clients when entering into an options trade on their behalf."
As a result of his actions, the regulator has determined the adviser was "not competent, inadequately trained and not of good fame and character".
In failing to comply with the law, Mr Taylor was found to have:
Mr Taylor's permanent banning has been recorded on ASIC's Financial Advisers Register.
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