Mandurah man Leslie Walters is the latest person to be banned by the corporate watchdog from providing financial services over his role in the Westpoint Group collapse.
Mandurah man Leslie Walters is the latest person to be banned by the corporate watchdog from providing financial services over his role in the Westpoint Group collapse.
The Australian Securities and Investment Commission has banned Mr Walters from providing services for two years after it found that he had engaged in misleading conduct when describing Westpoint products to clients as 'safe'.
ASIC also found that Mr Walters has failed to provide clients with written advice of his investment recommendation within a reasonable time.
Mr Walters is the second Western Australian man to be banned from providing financial services this month with Byford man David Roy banned for seven years.
New South Wales man Timothy Harrison and former Victorian adviser Mark Corrie were also banned for five and two years respectively by ASIC for their role in the Westpoint collapse.
Below is the ASIC announcement concerning Mr Walters.
Mandurah man Leslie Walters is the latest person to be banned
The Australian Securities and Investments Commission (ASIC) has banned Mr Leslie Richard Walters of Mandurah, Western Australia, from providing financial services for two years.
Mr Walters was banned after an ASIC investigation found that between 2002 and 2004 he:
- engaged in misleading or deceptive conduct when describing Westpoint products to a client as 'safe' and 'guaranteed by Westpoint assets';
- failed to conduct reasonable investigations into the risk characteristics of Westpoint products;
- provided inappropriate advice in relation to investing in Westpoint products (including advising some clients to borrow funds to invest in those products), thereby breaching his duty to ensure that investment recommendations were appropriate for his clients; and
- failed to provide a client with written advice of his investment recommendation within a reasonable time of the client implementing the recommendation.
Mr Walters provided financial planning services as a representative of Brighton Hall Securities Pty Ltd (Brighton Hall between 17 September 2001 and 31 January 2007. Mr Walters' client base spread from Perth to Mandurah in Western Australia.
Mr Walters has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC's decision.
