The Australian Securities and Investments Commission (ASIC) has permanently banned Sydney-based financial planner Max Valentino – also known as Max Soud – from acting as a representative of a dealer or investment adviser. ASIC alleges the former authorised representative of Saxby Bridge Financial Planning did not carry out his planner duties efficiently, honestly and fairly and failed to comply with a financial services law.

ASIC says that in July 2001 – after Mr Valentino had ceased working for Saxby – he made a personal securities recommendation to an Axa Australia client without holding a licence. The recommended product, Axamillion, wasn’t even an investment product of Axa Australia.

ASIC alleges he then transferred the funds into his personal company account, Maximillion, without the client’s permission or knowledge. ASIC’s inquiries are continuing.