ASIC bans NSW adviser

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ASIC has permanently banned a NSW adviser following his guilty plea to charges of falsifying documents.

ASIC banned Darren Wise following an investigation and criminal action which saw Wise plead guilty in Maroochydore Magistrates Court to three charges of dishonestly gaining a benefit and making and using false documents involving more than $1m of his clients' assets.

ASIC said its ban took into account misleading and deceptive conduct by Wise involving the sale of clients' securities without their knowledge.

"Mr Wise's conduct demonstrates a clear disregard for his obligations as a financial adviser and for the interests of his clients. It is appropriate that he be permanently removed from the financial services industry," ASIC deputy chairman Peter Kell said.