Previous News Items
A financial adviser employed by a Commonwealth Bank subsidiary has been banned permanently from providing financial services, after it was found that he forged the signatures of four of his clients.
ASIC found that Anthony Awkar of Merrylands New South Wales had failed to comply with the financial services laws by engaging in dishonest conduct - by forging signatures and concealing material facts, notably fee information attached to product advice.
He was also found to have misrepresented the expected level of return of certain investments products and failed to provide to clients a range of the statements required of him by the law.
In one instance, Awkar inserted fictitious information into a financial needs analysis document - stating that the mother of a client had recently passed away when, at that time, she was still alive.
"Mr Awkar's conduct was at the more serious end of the issues we have seen, which is why he has been permanently banned from the financial services industry", ASIC Commissioner Peter Kell said.
"ASIC found that Mr Awkar's conduct was not isolated and did not arise from inadvertence, ignorance or mistake. Rather he behaved in a deliberately dishonest manner on numerous occasions over a period of almost two years and in relation to a number of clients. As a result, ASIC found Mr Awkar not to be a person of good character."
Awkar was employed by Commonwealth Financial Planning Limited as a financial adviser and authorised representative from May 2008 until his resignation in June 2010. He was ranked as one of CFPL's top financial advisers.
Awkar's banning brings to five the number of actions that ASIC has taken against former CFPL employees.
CFPL is a wholly owned subsidiary of the Commonwealth Bank of Australia and operates under the advice structure of Colonial First State.
The majority of Awkar's clients have subsequently been reimbursed by CFPL for any losses arising from his misconduct.
ASIC bans former insurance broker - ASIC has permanently banned a former insurance broker from providing financial services.
Gold Coast financial adviser faces lengthy jail term - A banned Gold Coast financial adviser appeared in court earlier accused of more than 15 criminal charges.
Did you like this article?
Subscribe to the MortgageMix to receive our Newsletter and weekly News-Wrap
|Phone (02) 9939 8771|