A Brisbane-based financial planner has been permanently banned from providing financial advice by ASIC.
ASIC found that Lee Robert Robin, of Camp Hill, Queensland engaged in conduct that was misleading or deceptive whilst issuing unsecured fixed interest notes in Protect Ensure. ASIC also found he failed to comply with financial services laws.
An ASIC investigation found that between July 2013 to December 2014, Robin behaved dishonestly by depositing clients' monies into an entity associated with the Protect Ensure group, using those funds for personal expenses and making payments toother noteholders.
He also engaged in misleading and deceptive conduct in failing to provide an Information Memorandum, and failed to properly disclose that client funds would be pooled with other monies in the Protect Ensure business.
“Mr Robin's wrongdoing is inconsistent with the honesty, integrity, diligence and judgement that is expected and required of those in the industry,” ASIC Deputy Chair Peter Kell said.
“ASIC will continue to take action to remove from the industry advisers who breach community trust.”
Robin has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.