ASIC has permanently banned former Port Pirie, South Australia, adviser Trevor Carll from providing financial services.
The action follows an ASIC investigation into Carll’s conduct while he was an authorised representative of dealer groups Financial Wisdom, Financial Planning Services Australia and Genesys Wealth Advisers between 21 June 2004 and 20 May 2010.
ASIC’s investigation found Carll acted dishonestly and in breach of financial services laws between 31 May and 26 July 2005, when he fraudulently caused two of his clients to sign third-party security documents that resulted in the lodgment of over $900,000 of the clients’ retirement funds as security for a margin loan facility Carll operated.
Carll’s actions resulted in the clients losing control of their retirement funds and suffering a financial loss of over $50,000.
ASIC said negotiations were underway for the release of the clients’ funds and compensation for their financial loss.
It said Carll’s conduct was brought to its attention by Genesys Wealth Advisers and the dealer group cooperated fully with ASIC’s investigation.
The corporate watchdog said it banned Carll in order to protect the public, deter similar conduct and to maintain consumer confidence in the financial services industry.
In the meantime, Carll has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
