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ASIC bans Sydney adviser for depriving clients of their funds
ASIC has slapped a permanent ban on a Sydney-based financial adviser after he gambled and lost a significant amount of client funds without their knowledge.
ASIC bans Sydney adviser for depriving clients of their funds
ASIC has slapped a permanent ban on a Sydney-based financial adviser after he gambled and lost a significant amount of client funds without their knowledge.
ASIC has permanently banned Sydney-based financial adviser Gavin Fineff from providing any financial services, controlling a financial services business or performing any function involved in carrying on of a financial services business.
In a statement posted on Tuesday, ASIC revealed that Mr Fineff, the former authorised representative of Sentinel Wealth Management, had misused his position for personal gain and, as a consequence, deprived clients and others of their funds.
Mr Fineff also sourced more than $5 million from clients and individuals as loans and, without their knowledge, gambled and lost a significant amount of those funds.
Moreover, ASIC found that Mr Fineff was providing financial services outside of his authorisation from Sentinel and that he also acted in conflict, and competed, with Sentinel.
As a result, Mr Fineff breached financial services laws by failing to act in the best interests of his clients. Furthermore, the watchdog judged that Mr Fineff is not adequately trained or competent, nor is he “a fit and proper person”, to provide financial services.
ASIC determined that a permanent banning of Mr Fineff is necessary to prevent future harm to clients of financial services businesses.
Mr Fineff has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.
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