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This Week in Penalties...

Banned for six years

Two men have been banned from working in financial services for six years for failing to act in the best interest of members.

The Australian Securities and Investments Commission (ASIC) said that the former chief executive officers of the Australian Mutual Holdings Limited, Jeffrey Worboys and Matthew Barnett, failed to establish that those trading funds under the licence had the appropriate qualifications.

False & Misleading Conduct

The Australian Competition and the Consumer Commission (ACCC) alleged that Quantum Housing pressured property investors to use their existing property managers and then made misleading representations to the same property investors about its own rights.

This alleged conduct took place between February 2017 and July 2018.

Director Imprisoned

A company director has been sentenced to prison for fraud.

Christopher Skelly has been sentenced to three-and-a-half years after being found guilty of profiting almost $530,000 from fraudulent activity.

ASIC said that, between December 2014 and January 2015, Skelly deceived a factoring agency by sending documentation that implied money was owed to his former company, C&G Debtors.

AFSL Suspended

Australasia Wealth Services has had its licence suspended until the end of June.

The suspension came into effect at the end of March.

ASIC said, earlier this week, that the financial services provider had failed in meeting its financial reporting and auditing obligations.

The company also failed in its obligation to become a member of the newly-formed Australian Financial Complaints Authority (AFCA) by the deadline of 21 September of last year.

Last year, ASIC said that, “Financial firms who do not do this will be in breach of the law.”

The corporate regulator has indicated that the company is now a member of AFCA; however, it is still not in a position to meet its reporting and auditing obligations.

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