ASIC has permanently banned former Bridges Financial Services (Bridges) authorised representative Alan Leslie Brown from providing financial services.
The decision follows an ASIC investigation that found the Lugarno New South Wales resident had not complied with financial services law.
IOOF-owned Bridges assisted ASIC with its investigation into the allegations of misconduct made against Brown, who was employed with the dealer group from 7 June 2007 to 13 May 2008.
ASIC’s investigation found that between July 2002 and July 2008, Brown had not complied with financial services law as he had been running a financial services business without holding an Australian financial services licence.
He was also found to have engaged in misleading or deceptive conduct in relation to the transfer of funds from clients’ accounts, including Macquarie Cash Management Trust accounts, for his own purposes, an ASIC statement said.
Brown has the right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.
