09/11/2015 - 14:06

Asic bans former Perth financial adviser

09/11/2015 - 14:06

Bookmark

Save articles for future reference.

The corporate watchdog has permanently banned Marion Pearson from providing financial services after she was found to have engaged in ‘misleading and deceptive’ conduct.

The corporate watchdog has permanently banned Marion Pearson from providing financial services after she was found to have engaged in ‘misleading and deceptive’ conduct.

The Australian Securities and Investments Commission banned the former Perth adviser after finding she had contravened financial services laws through a firm called Colisa, of which she is the sole director and shareholder.

Colisa, which traded as Anmar Financial Consultants, was a corporate authorised representative of Ballast Financial Management between November 2007 and October 2013, until Ballast revoked Ms Pearson’s status.

Asic found that Ms Pearson had engaged dishonest conduct by creating documents to disguise the fact that client money was paid to Colisa’s bank account without the client’s knowledge or authority.

The watchdog also found she had misled Ballast and other clients into believing the clients’ funds were placed in particular investments, when she had not done so.

Asic commissioner John Price said if a financial adviser engaged in dishonest conduct, the watchdog would remove them from the industry.

Asic is not investigating the conduct of Ballast itself.

Ms Pearson now resides in New Zealand.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options