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.
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.”