The corporate watchdog has banned another financial adviser who channelled clients’ cash into the failed Westpoint Group.
ASIC has banned Brighton Hall Securities planner Philip Gerard Wade, of Jandakot in Western Australia, from providing financial services for seven years.
An investigation found that in 2001 and 2002, Wade failed to provide appropriate advice about Westpoint products to his clients and engaged misleading and deceptive conduct with respect to Westpoint products.
He has the right to lodge an application with the Administrative Appeals Tribunal for a review of the decision.
Wade’s punishment takes the watchdog’s head count to four.
Wade is the second Brighton Hall Securities adviser to be banned in the regulator’s action over Westpoint.
Former Brighton Hall Securities authorised representative Jason Lowth was banned for five years last week.
Christopher Leigh of Armstrong Financial Services, an authorised representative of Bongiorno Financial Advisers, was last week banned from providing financial services for eight years.
Earlier, Andy Chen, formerly an authorised representative of Quantum Securities in Sydney, was banned.
The regulator permanently banned Centro Financial Synergy Group director Annemieke De Boer in September over Westpoint. De Boer is also facing criminal charges over stealing client funds.
