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This week in Penalties…22 November -26 November

Friday 26 November 2021
Former Financial Adviser David Michael Fong has been charged with engaging dishonest conduct while engaging financial services in 2014.
 
Allegations as posted by the Australian Securities and Investments Commission (ASIC):

  • completed and submitted false information in clients’ insurance applications;
  • failed to adequately disclose fees to clients;
  • acted without client instructions; and
  • failed to adequately disclose the effect of advice, for instance clients becoming uninsured after closing their superannuation accounts.
 


 
Melissa Caddick has been found to have been engaging in financial services business with Australian Financial Services Licence (AFSL).




 
Former Financial Adviser Ahmed Saad has been sentenced on nine months in prison, 18-month correction order and 100 hours unpaid community work for gaining benefit by deception and attempting to gain benefit by deception.




 
Giatano Barbera has been banned form managing companies for five years for involvement in none failed companies.




 
Peter Douglas Leggett banned from managing corporations for fives years for involvement in eight failed companies.




 
David Michael Scofield banned from managing corporations for five years for involvement in four failed companies.