Powered by MOMENTUM MEDIA
subscribe to our newsletter
ASIC bans former Macquarie Bank trader

ASIC bans former Macquarie Bank trader

A former authorised representative of Macquarie’s Equities Limited business has been banned for five years for conducting unauthorised trades on behalf of clients.

Sunshine Coast-based Brett O’Malley has been banned from providing financial services after an ASIC investigation found he had engaged in discretionary trading on nine client accounts between February and November 2012, according to an ASIC statement.

The corporate regulator said the actions were a breach of both financial services laws and Macquarie Equities Limited (MEL) policy.

Advertisement
Advertisement

Mr O’Malley was also found to have created false records relating to the unauthorised trading activity, ASIC said.

“MEL is currently conducting a review process to compensate clients of Mr O'Malley for any losses suffered as a result of his conduct as part of a broader client remediation process which has been undertaken by MEL as agreed under an enforceable undertaking accepted by ASIC in January 2013,” the statement said.

“Investors should feel confident that financial advisers are acting within the authority given to them by their licensee at all times and appropriately representing their interests,” ASIC deputy chair Peter Kell said.

”ASIC will act to remove advisers who fail to do so.”

ASIC bans former Macquarie Bank trader
mortgagebusiness

 

Latest News

The managing director and CEO of the financial services group has stepped down from his post, effectively immediately. ...

Financial regulators worldwide are increasingly focusing on climate change risks and disclosure reporting in finance, with the trend expecte...

Non-banks have hit back at “unfounded” claims from the CEO of an industry association, who has suggested that under APRA’s proposed ch...

FROM THE WEB
podcast

LATEST PODCAST: Economists predict a bottom to the property market slump

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.