ASIC found that Mark Alexander Landau of Balmain, NSW (formerly of Toorak Gardens, South Australia) and Marcus Roderick Campbell of South Brighton, SA, had engaged in conduct that was deliberate and dishonest and involved continued, knowing and wilful contraventions of the law.
Mr Landau was employed as an authorised representative and senior wealth adviser in the Adelaide office of Macquarie Equities Limited (Macquarie) between November 2007 and June 2017, ASIC said.
Mr Campbell was employed as an authorised representative and executive investment adviser in the Adelaide office of Macquarie between November 2007 and June 2017.
The decision was made by ASIC’s new Financial Services and Credit Panel, which found that between January 2014 and January 2017 Mr Landau, and between August 2015 and March 2017 Mr Campbell:
- falsified the content of client email exchanges to mislead or deceive Macquarie’s compliance team into believing that general advice or execution only instructions had been given by them, and not personal advice;
- arranged for the false emails to be saved into Macquarie’s customer relationship management system, Xplan; and
- created false order management system transaction records to reflect the emails.
On 14 August, Mr Landau and Mr Campbell filed applications in the Administrative Appeals Tribunal (AAT) for a review of the banning orders made by the panel.
In addition, Mr Landau and Mr Campbell also applied for a stay of the banning orders pending the determination of the review applications in the AAT.
On 10 September, the applications for a stay of the banning orders were subsequently dismissed by the AAT.
The hearing for the substantive appeals has been listed to commence on 26 November.
Maybe they needed to make target to keep their jobs? Maybe the documentation is too onerous for personal advice??
Bureaucratic bullshit that is slowly choking Australia into a this world country
I’d hardly call obeying the law Bureaucratic Bullshit, Barry.
But it was the usual ” sophisticated client rule ” Sir …. we all used that at MacQuarie
Remind me of Hotel Calfornia:
…..’Relax’ said the night man,
‘We are programmed to receive.
You can check out any time you like,
But you can never leave!’
Get pushed under the compliance bus, if you try leave lol
Nah mate, look at the conduct, dodgy AF
Did clients lose money from this? Doesn’t sound like it.
Loss of money is how you determine if an action is correct, very professional.
maaaate…..