Home Trading Financial adviser convicted and fined $1.5K for breaching ASIC ban LeapRate

Financial adviser convicted and fined $1.5K for breaching ASIC ban LeapRate

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ASIC today revealed that former financial adviser Lawrence Toledo has been convicted and fined $1500 for breaching an ASIC banning order. He plead guilty to three charges of breaching the regulator’s banning order.

Toledo was banned in 2017 from providing financial services for seven years. The ban results from ASIC finding had failed to act in the best interests of his clients when advising them to establish a self-managed superannuation fund (SMSF) to purchase properties.

ASIC

The Aussie watchdog discovered that despite the ban which is in force until 5 September 2024, Toledo continued to provide financial advice and deal in financial products.

Moreover, according to the regulator, he provided financial advice to a SMSF to invest in Premier Realty Group Pty Ltd and arrange a sale of 70,000 shares in the Group for $70,000 to the fund. He arranged a second sale of 14,000 additional shares in Premier Realty Group, for $14,000, to the same SMSF.

ASIC also announced today that a CFD trader was sent to prison for insider trading.

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