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This Week in Penalties 23 August-27 August

Friday 27 August 2021

Former financial adviser Lawrence Toledo has been charged for breaching an existing seven year banning order. 

The Australian Securities and Investments Commission (ASIC) made three allegations against Toledo:

  • providing financial advice to a SMSF to invest in Premier Realty Group Pty Ltd;
  • arranging the sale of a financial product (70,000 shares in Premier Realty Group for $70,000) to the SMSF; and
  • arranging a second sale of financial products (14,000 additional shares in Premier Realty Group, costing $14,000) to the same SMSF.

National Australia Bank (NAB) has been ordered to pay $18.5 million for misleading fee disclosure statements. Australian Securities and Investments Commission (ASIC) further alleged that the bank failed to ‘efficiently, honestly and fairly’.

Former Mortgage Broker Richard Pusey has been banned for banned for 10 years for the misleading conduct and providing false documents. 

Australian Securities and Investments Commission (ASIC) made number off allegation against the former mortgage broker: 

  • provided seven false statements to ASIC in a number of credit licence applications and annual compliance statements between 2011 and 2017; 
  • lacks the attributes of good character, honesty, and judgement;
  • has no regard for the law;
  • cannot be relied upon to comply with directions issued from authorities;
  • is likely to contravene credit legislation and financial services legislation; and
  • is not a fit and proper person to participate in the financial services and credit industries.

Westpac Securities Administration and BT Financial have been ordered to pay a combined penalty $10.5 million for failing to act in their client’s best interest.