ASIC nabbed yet another former financial adviser caught up in the collapse of Westpoint.
Neville Pradeepkumar Emerson was banned last week from providing financial services for seven years.
Between 2002 and 2004, Emerson advised clients to invest in promissory notes offered by Ann Street Mezzanine Pty Ltd (ASM), a company associated with Westpoint Corporation Pty Ltd.
At the time, he was employed by Outrun Financial Advisors Pty Ltd.
An ASIC investigation found that Emerson had attempted to disguise deficiencies in his advice and record keeping, by creating and backdating records relating to the advice he had given.
Emerson also failed to have a reasonable basis for the advice he provided and had engaged in conduct that was misleading or deceptive, or likely to mislead or deceive, in breach of the Corporations Act, ASIC found.
Emerson was also a former representative of Professional Investment Services from 30 May 2002 until 28 February 2007.
Emerson has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Sixteen licensed advisers and three unlicensed advisers who advised on Westpoint products have now been banned.
