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Dr. Mark Sinclair
Dr. Mark Sinclair, Mentor Education

Bell Potter adviser banned for dishonest conduct but case too slow senator says

22 July 2013

ASIC has continued to come down hard on dishonest advisers handing down a permanent ban to Bell Potter adviser Lawson Stuart Donald.

Recently several advisers have been banned by ASIC for partaking in improprieties within the industry but not everyone is satisfied with the speed that the corporate regulator is responding to such criminalities. Nationals Senator John Williams commented that, ASIC is reacting too slowly to cases of wrongdoing. Senator Williams who was instrumental in forcing a parliamentary inquiry into the Commonwealth Financial Planning affair has said, “the three-month timeframe between Mr Donald’s conviction and ban confirms his concerns about ASIC’s ability to monitor wrongdoing in the financial advice industry.” He has added that, “ASIC has the power to ban people immediately and If someone is convicted by the criminal courts it was reason enough to be banned immediately.” Williams has lambasted ASIC’s response speed by suggesting that, “If this person is potentially able to get keep providing services to consumers after a conviction, you have to ask what the hell is going on…ASIC seems to be moving at snail’s pace.”

Donald who worked for the Bell Potter between 2003 and 2008, has been handed down a ban for partaking in a practice known as rebooking share trades where the transfer of share trades from one client account to another account was controlled by him; he later  sold the shares for a profit. The amount of money involved in his actions amounted to more than $1.7 million.

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