Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
subscribe to our newsletter

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 federal government has committed an additional $130 billion in support to protect jobs threatened by the economic fallout from the cor...

New government-led interventions in the housing market in response to the coronavirus outbreak are set to further hinder transaction activit...

The number of owners withdrawing their property from auction soared to 40 per cent last week, following the introduction of a ban on auction...

FROM THE WEB
podcast

LATEST PODCAST: Further relief for SMEs and borrowers

Do you think Australia will move to quantitative easing this year?

Why we’ll keep delivering for our communities in the face of COVID-19

alex

As Australia tries to keep pace with a rapidly changing business and social landscape in the wake of COVID-19, Momentum Media is leading the way delivering essential content to our communities, writes Alex Whitlock, director of Mortgage Business.

Read more

Website Notifications

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