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ASIC bans WA financial adviser

by Martha.Ware 30. May 2011 11:27

ASIC has permanently banned financial adviser, Todd Michael King, of Perth, Western Australia, after an investigation found he engaged in misleading and deceptive conduct.

Mr King, 41, was an authorised representative of Australian Stockbroking and Advisory Services Limited (ASANDAS) between 9 May 2006 and 3 September 2008. He was also a director of Stripe Capital Pty Ltd, which was a corporate authorised representative of ASANDAS between 24 March 2006 and 31 July 2009.

ASIC found that Mr King engaged in misleading and deceptive conduct between July 2007 and June 2008 in breach of the Corporations Act 2001 (the Act) by:

  • Placing a scanned copy of a client’s signature on a document which made possible the unauthorised transfer of 40,000 client shares with a value of approximately $1.5 million,
  • Transferring funds from a client’s account for his own use in breach of an agreement with another client not to do so,
  • Accepting an appointment as a director of a client’s company, and
  • Undertaking unauthorised discretionary trading on a client’s account.

ASIC also found that Mr King operated managed discretionary accounts in contravention of ASANDAS’ Australian financial services (AFS) licence and in contravention of section 911B(1) of the Act.

ASIC’s action reflects its focus on protecting the public, deterring similar conduct and maintaining consumer confidence in the financial services industry.

Mr King has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.

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