- Thursday, 17 January 2008 | Staff Reporter
ASIC has permanently banned Adam Guy Grant of Kew, Melbourne, from providing financial services.
Grant was employed as a financial adviser in Tasmania by Shadforths Limited between July 1999 and August 2005.
Shadforths, the holder of an Australian financial services licence, cooperated with ASIC's investigation.
The regulator was alerted to Grant after one of its delegates found he failed to comply with financial services law and, further, had reason to believe he would not comply with financial services law in future.
ASIC found that between September 2001 and July 2005, Grant altered broker codes in Shadforths' computerised trading and reporting system in relation to 839 share-trading transactions.
The broker codes were used to allocate commissions to financial advisers and Shadforths and, by manipulating these codes, Grant was able to receive payment of $28,678.48 in commissions to which he was unentitled. Grant has since repaid this money.
Grant has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC's decision.
- The emergence of emerging markets
- RBA rate cut: what would it take?
- Australian bonds: tread carefully
- Creating super fund alpha
- Retirement income innovation must be inclusive
- Weighing up default fund insurance
- Don’t neglect developed markets
- Hunting for ‘preferred infrastructure’
- Westfield: a failure of engagement
- Can Europe avoid Japan’s fate?
- Vanguard appoints senior economist for Asia Pacific
- ANZ appoints head of rates research
- Mercer names investment operations boss
- ANZ appoints global commercial banking MD
- Life insurance working group names chairman
- BT expands life insurance team
- Former Bennelong CEO joins Wingate Group
- LGS appoints new property portfolio manager
- HFA Holdings appoints new director
- AIA Australia CEO joins FSC board