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Watchdog bans Newstar director

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By Vishal Teckchandani
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1 minute read

Newstar director enters EU with watchdog as the firm is wound up and its planners are banned.

The director of collapsed financial planning firm Newstar Securities has entered into an enforceable undertaking (EU) with the corporate watchdog. ASIC said Gregory Michael Gordon O'Shaughnessy, who led Newstar, would not be able to start a financial services firm or provide financial advice for 10 years under the EU.

The firm breached financial services laws when it did not disclose a profit statement in 2006. 

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Newstar's planners acted illegally when they failed to give clients proper financial, ASIC's investigation found.

The firm's planners, Roger Charles Gordon and Colin Douglas Turner, were banned from providing advice for eight and six years respectively. 

The Federal Court of Australia ordered Newstar into liquidation in August last year.

Watchdog bans Newstar director
Newstar director enters EU with watchdog as the firm is wound up and its planners are banned.
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