ASIC has permanently banned Mr Darren Wise, of Rhodes, NSW, from providing financial services.

The ban follows an ASIC investigation and criminal action against Mr Wise which resulted in him pleading guilty, in the Maroochydore Magistrates Court, to three charges of dishonestly gaining a benefit, the making of false documents and use of false documents involving over $1 million of his clients' assets (refer: 16-005MR). 

In determining to ban Mr Wise from financial services, ASIC also took into account misleading and deceptive conduct by Mr Wise, involving the sale of a client's securities without their authorisation or knowledge. Mr Wise then continued to mislead and deceive the client about the sale for a number of years by continuing to make falsely represented dividend payments.

ASIC found Mr Wise:

• has failed to comply with financial services laws;
• is likely to contravene a financial services law in the future; and
• is not of good fame or character.

ASIC's Deputy Chairman Peter Kell said, 'Mr Wise's conduct demonstrates a clear disregard for his obligations as a financial adviser and for the interests of his clients. It is appropriate that he be permanently removed from the financial services industry'.

Mr Wise has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.