The former chief of financial services firm Glenhurst Corporation (Glenhurst) has been banned from holding an Australian financial services licence (AFSL) for 10 years following his involvement with collapsed property company Westpoint.
The Administrative Appeals Tribunal (AAT) has banned Anthony Michael Kofkin from holding an AFSL until 2019 and banned him for three years from providing financial services.
The AAT's decision to ban Kofkin surrounds insufficient due diligence being undertaken prior to advising his clients to invest in Westpoint.
From 1998 to 2007 Kofkin provided financial services as a director of Glenhurst.
Glenhurst entered liquidation on 17 January 2008.
Kofkin provided advice to about 80 clients to invest in products issued by the Westpoint Group of companies.
Since November 2007, he has been the chief executive of Melbourne-based financial services firm Churchill Morgan Global (CMG).
Kofkin and CMG were both authorised representatives of ING-owned group, Millenium3 Financial Services.
Kofkin was banned by the AAT following a banning order made by ASIC, which he appealed.
He has the right to appeal to the Federal Court.
