The corporate watchdog has permanently banned former Sydney-based financial planning consultant James Edward Maurice Rowe from providing financial services after finding he had engaged in misleading and deceptive conduct in connection with FEA Plantation.
ASIC said its investigation found Rowe, formerly of Cremorne, had forged the signatures of individuals applying for finance to buy FEA woodlots.
In late June 2008, he forged two loan applications to FEA with a total value of about $300,000 and received around $5000 as a referral fee, it said.
“Mr Rowe, who was originally subject to ASIC’s decision in August 2010, had applied to the Administrative Appeals Tribunal for a review of the decision and recently withdrew that application,” it said in a statement.
FEA went into voluntary administration in April 2010 and BRI Ferrier was appointed administrator.
Just under 3000 growers invested in the 2008 managed investment scheme (MIS) and 565 growers invested in the firm’s 2009 scheme. FEA raised $119 million through the 2008 MIS and $16.3 million through the 2009 scheme.
ASIC said that by banning Rowe from the industry, it was reinforcing its commitment to building confidence in the integrity of Australia’s financial planning industry.
