A former Victorian financial planner has been banned from managing a company for three years after ASIC found he was running illegal schemes.
The Federal Court of Australia in Melbourne handed down the decision to ban Ian Bristow.
The former planner ran Money Management Financial Solutions (MMFS) which he put in liquidation last year following problems after the Westpoint collapse.
He admitted on March 27 in court that he and one of his other companies called Earning, operated five unregistered investment schemes.
The schemes, which he ran from May 2006 to March 2008 were known as: Eatons 2, MMFS CIT Kebbel, MMFS CIT Queensland, MMFS CIT Moreton and MMFS CIT Morton Reach.
Another of his companies, called Salarypackaging.com.au also ran Eatons 2.
ASIC started investigating Bristow after the Westpoint collapse two years ago amid concerns that he was recommending into illegal investment schemes to clients, including those from Westpoint, to meet minimum sales quotas.
The regulator’s investigation of Bristow is continuing.
