WA financial adviser banned by ASIC

Western Australia-based financial adviser Todd King has been banned by the corporate regulator after it found he engaged in misleading and deceptive conduct.

Mr King worked for Australian Stockbroking and Advisory Services between May 9 2006 and September 3 2008. He was also director of Stripe Capital.

The Australian Securities and Investments Commission found Mr King breached the Corporations Act 2001 by:
- Placing a scanned copy of a client's signature on a document which made possible the unauthorised transfer of 40,000 client shares with a value of approximately $1.5 million,
- Transferring funds from a client's account for his own use in breach of an agreement with another client not to do so,
- Accepting an appointment as a director of a client's company, and
- Undertaking unauthorised discretionary trading on a client's account.

ASIC also found Mr King operated managed discretionary accounts in contravention of ASANDAS' financial services licence.