BREAKING ASIC has banned a former NAB adviser from providing financial services for six years after he spruiked a controversial startup.
ASIC found Adrian John Cassidy acted dishonestly by concealing recommendations he gave to 54 clients in 2017 from his licensee, Godfrey Pembroke.
Godfrey Pembroke was at the time a wholly owned subsidiary of National Australia Bank.
Mr Cassidy recommended that his clients invest in the start-up company Bux Global Limited, which ultimately went bankrupt despite raising over $65 million from investors. Liquidators were appointed in October 2018.
ASIC found that in making these recommendations Mr Cassidy failed to act in his clients’ best interests and provided them with a statement of advice regarding Bux. ASIC found Mr Cassidy’s conduct had significant consequences for his clients and his licensee and he failed to consider those consequences when he recommended clients to invest in Bux.
Mr Cassidy’s conduct was reported to ASIC by NAB.
The company has issued a statement.
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