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This Week in Penalties...

A financial adviser has been banned from the industry permanently

Earlier this week, the Australian Securities and Investments Commission (ASIC) announced that Murray Graham was found to be “…dishonest and not good fame or character”.

According to ASIC, between October and November 2016, Davies:

  • back-dated an insurance policy for a factory building after the building had been damaged in a fire;

  • lodged an insurance claim for the damage to the factory building and contents and for a vehicle; and

  • after lodging the insurance claim for the vehicle, added information to the vehicle’s insurance policy that increased its insured value.

Lawyer gave false and misleading information to the regulator

Mary Anne Greaves falsely denied prior knowledge that she been given information about a 2015 takeover bid by G8 Education for Affinity Education Group.

“ASIC views seriously any attempt by individuals to compromise its investigations, including giving false or misleading information during examinations. ASIC will hold to account persons who seek to obstruct or hinder its investigations,” ASIC Commissioner John Price said, in an official statement earlier this week.

Greaves’ denial was made under oath at an ASIC examination.

According to the official ASIC statement:

Ms Greaves was discharged without proceeding to conviction upon giving security in the sum of $5,000 conditional that she be of good behaviour for a period of two years.

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