An unlicensed financial planner from Sydney has been banned from fleeing the country following allegations he swindled $4 million out of unsuspecting investors.
ASIC obtained an injunction in the NSW Supreme Court on Friday against Financial Partners' director Simon Finnigan to freeze his assets and stop him leaving Australia after a series of investor complaints.
The court prevented Finnigan from providing financial advice and running financial services businesses without a licence until 2 May 2007 when the case returns to court.
The companies Finnigan is alleged to have pumped investors' money into - Financial Partners, Biotech Solutions and Venture Capital Management - have had their assets frozen.
ASIC claims Finnigan and his companies have never held an Australian Financial Services Licence, or authority from the holder of such a licence, despite assuring potential investors that he and the companies which he controlled were authorised to provide financial services.
The regulator said not only did he mislead investors as to his licensed status, he may have raised money for investments in his own ventures and misapplied investors' funds to the tune of $4 million.
On 8 March 2007, another company, Simply Beautiful Cosmetic Surgery and Laser Clinic - also related to Finnigan - was placed into voluntary administration.
Finnigan has operated business ventures in London, Hong Kong and Australia including foreign exchange and commodities trading and once held a management job at Citibank.
In 1995 he established a mortgage broking business in NSW called Access Home Loans.
It changed its name to Abbey National Home Loans in 1997 and expanded nationally to include Western Australia, Queensland, Victoria and South Australia, eventually being renamed Financial Partners.
