AST ASIC Adviser Misleading Conduct

On Feb. 13, AST ASIC banned Macquarie financial adviser.

  • Permanently banned financial adviser Warren Scott Acworth from providing financial services following investigation into his conduct between Dec. 2015 and May 2018.
  • Misleading Conduct
  • Conduct concerned trading Acworth undertook on behalf of a client in MINI warrants.
  • ASIC found that Acworth had misrepresented to his client the value of the client’s portfolio on 19 separate occasions; engaged in trading without proper authority of the client; and transferred AUD185,000 between the client’s accounts without authority.

Regulators AST ASIC
Entity Types IA
Reference PR 20-032MR, LR, 2/13/2020
Functions Client Money; Compliance; Legal
Countries Australia
Products Derivatives; Fund Mgt
Regions AP
Rule Type Enforcement
Rule Date 2/13/2020
Effective Date 2/13/2020
Rule Id 71865
Linked to N/A
Reg. Last Update 2/13/2020
Report Section AML & Enforcement

Last substantive update on 02/14/2020