ASIC dumps AR from financial services sector
Regulators have tossed a WA authorised representative out of the financial services sector after he misled clients into investing in his own company.
The Australian Securities and Investments Commission (ASIC) last week placed a permanent ban on Cottesloe authorised rep Mark Goldenberg and cancelled the Australian financial services licence of his company, Concentric Wealth Management.
ASIC ruled Mr Goldenberg failed to provide appropriate advice and declare a conflict of interest when recommending a client make a high-risk investment in Mortimer Close, another company of which he was sole director.
The Federal Court ordered the appointment of a liquidator to Mortimer Close in March. ASIC earlier suspended Concentric’s licence after the appointment of receivers to that company.
The Australian Securities and Investments Commission (ASIC) last week placed a permanent ban on Cottesloe authorised rep Mark Goldenberg and cancelled the Australian financial services licence of his company, Concentric Wealth Management.
ASIC ruled Mr Goldenberg failed to provide appropriate advice and declare a conflict of interest when recommending a client make a high-risk investment in Mortimer Close, another company of which he was sole director.
The Federal Court ordered the appointment of a liquidator to Mortimer Close in March. ASIC earlier suspended Concentric’s licence after the appointment of receivers to that company.