The Australian Securities and Investments Commission (ASIC) has banned former Wollongong financial planner Dennis Anthony from acting as a representative of a securities dealer or an investment adviser for three years.

A former planner for North Sydney-based company Australian Investors Forum (AIF), ASIC found that Mr Anthony participated in the management of AIF and related companies while he was an undischarged bankrupt.

He allegedly caused AIF to offer shares in AIF to investors, without providing a legally required disclosure document. Between March and October 2001 AIF raised more than $2.2 million from investors with a promised listing on the Australian Stock Exchange, which never occurred.

AIF was placed into liquidation in August last year.