- Wednesday, 18 July 2012 | Staff Reporter
ASIC yesterday permanently banned New South Wales-based Oberg for withdrawing $1.55 million of client funds between September 2007 and October 2008 without their authorisation or approval.
A Wealthsure spokesperson told InvestorDaily the company was unable to make any comment as it was conducting an internal review of the case.
It is unknown whether the group has reimbursed any lost investor funds or whether it will be taking action against Oberg.
According to Oberg, the funds were used for an overseas investment, which he placed through an associate he did not know.
He told ASIC he did not know the name of the overseas bank or institution where the funds were to be placed, did not have any documentation in relation to the arrangement and did not know how returns would be generated.
The corporate watchdog found his actions to be dishonest and was satisfied he was not a person of good fame and character. A permanent ban was therefore appropriate.
"There is no place in the financial industry for individuals who use client funds dishonestly and ASIC will act promptly to remove those who do," ASIC commissioner Peter Kell said.
ASIC was alerted to Oberg's conduct by Wealthsure in October 2010, by which time his authorised representative status was revoked.
He has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC's decision.
- 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?
- Cleaning up with clean technology
- 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
- Investa Office Fund manager steps down