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WA duo plead guilty to charges of operating a financial services business without a licence

Former National Australia Bank financial planner, Gregory Bernard Clements, and Neil Charles Manning, have appeared in the Perth Magistrates Court following an investigation by ASIC. Mr Clements and Mr Manning, both of Western Australia, pleaded guilty to carrying on a financial services business without holding an Australian financial services licence (AFSL) and were discharged without conviction subject to entering into a recognisance of $1000 to be of good behaviour for 12 months. The breaches occurred during 2002 and 2003 when both men were representing a company incorporated in Labuan, Malaysia, called EC Trust and Co. During this period, Messrs Clements and Manning sought investments from a number of Mr Clements’ clients, after advising them the investment would bring returns in excess of 50 per cent, with a minimum guaranteed return of 9 per cent. At the time, Mr Clements was an authorised representative of the National Australia Bank Ltd (NAB), however, the financial advice provided for EC Trust Co, was not associated with his employment as a financial planner and adviser at NAB, nor was it an investment fund authorised by NAB. Mr Clements ceased employment with NAB in January 2003. In May 2004, ASIC permanently banned Mr Clements and Mr Manning from the financial services industry. As a result, they are banned from acting as a representative of a securities dealer or of an investment adviser and from providing any financial services.

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