Three former directors of liquidated advisory firm Linchpin Capital have been banned from financial services for five years.
In a statement, ASIC said it had banned Ian Williams, Peter Daly and Paul Raftery from the industry for five years each.
The regulator said it had banned the three Linchpin directors in November 2019, but that they had applied for a stay and confidentiality order preventing the publication of information about the ban.
Applications for the stay and confidentiality order were heard by the AAT in April, and the tribunal dismissed the applications earlier this week, ASIC said.
The individuals have also applied for a review of their banning orders, hearings for which have not been listed yet.
The regulator said the three men were banned for their roles in the operation of managed investment schemes by Linchpin and Endeavour Securities.
ASIC found the three had failed to act in the best interests of members of the Investport Income Opportunity Fund and used their position as officers of the companies to gain an advantage for other persons and cause detriment to members of the Investport Income Opportunity Fund.
“ASIC found that Mr Williams, Mr Daly and Mr Raftery did not understand the importance of the duties of directors to protect members of the managed investment schemes and, as a result, their conduct put significant amounts of other people’s money at risk,” the regulator said.
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