Ban reduced by 8.5 years for two Macquarie advisers
The Administrative Appeals Tribunal has reduced the banning period for two former Macquarie advisers from 10 years to 18 months.
Mark Alexander Landau of Balmain, NSW (formerly of Toorak Gardens, South Australia) and Marcus Roderick Campbell of South Brighton, SA, were banned by ASIC’s Financial Services and Credit Panel from providing financial services for 10 years on 10 August 2018, ASIC said in a statement.
ASIC said the AAT delivered its decision on 8 February 2019, following Mr Landau and Mr Campbell’s application for review.
Further, the AAT found Mr Landau and Mr Campbell’s conduct in falsifying email exchanges with clients and saving those falsified emails to Macquarie’s central system for recording client advice, and entering false transaction records into Macquarie’s order management system was:
- misleading or deceptive in breach of section 1041H of the Corporations Act; and
“In reducing the banning period, the AAT took into account that none of Mr Landau and Mr Campbell’s clients, nor Macquarie, suffered loss, the misconduct involved isolated acts and was not for personal gain,” ASIC said
“The AAT was ‘satisfied that neither of them will in the future engage in similar misconduct.”
ASIC said it is “considering the AAT decision”.
ASIC revokes Melbourne adviser’s AFSL
ASIC has cancelled the Australian financial services license of a Melbourne-base...
Consumer advice gripes rise
Consumer complaints to the Australian Financial Complaints Authority (AFCA) abou...
TAL calls for deeper client relationships
TAL’s chief executive has told the industry that partnering with customers in ...