Two financial services companies already on the corporate watchdog’s radar had financial advisers slapped with bans yesterday.
New South Wales adviser Graham Huckel, formerly of Elm Financial Services, which ASIC shut down two years ago, has received a five year ban from working in financial services.
Huckel falsely represented to clients the security of the investments he recommended, including promoting an unregistered managed investment scheme, according to ASIC.
Furthermore, Huckel’s research into investments and comprehension of his clients’ needs were poor. And in some cases he failed to give statements of advice, or to give adequate reasons for his recommendations, ASIC said.
Queensland adviser Byron Lye of Money Matters, a company under external administration since August from its Westpoint liabilities, was also given a five year ban for his misdeeds.
Lye was only authorised to give product information and general advice on two investments, Hillston Grove Vineyards Project and Northern Rivers Coffee Project, which ASIC said he gave personal advice on.
Huckel finished at Elm in 2004 when it closed, and Lye finished at Money Matters in June 2005. Neither adviser had a license under any financial services entity at the time of the bans.
In August, ASIC banned another Elm adviser for three years. And last October, ASIC permanently banned one of its five directors, and placed seven and five year bans on the other four.
