The regulator announced it had permanently banned Amanda Ritchie, a former authorised representative of Westpac subsidiary Magnitude Group. The ban came after an investigation that found misconduct between October 2009 and August 2014.
ASIC alleged Ritchie had created false documents, including bank statements, emails and letters for the purpose of deceiving clients. The watchdog also alleged she engaged in misleading and deceptive conduct in order to perpetuate false documents on client accounts, and had transferred funds from clients’ accounts without authorisation.
“The investing public needs to be able to trust those who provide financial services. ASIC will act to ensure advisers who flout the law and who disregard their legal obligations are removed from the financial services industry,” ASIC deputy chairman Peter Kell said.
ASIC has issued a permanent ban to a Victorian adviser.