The Administrative Appeals Tribunal (AAT) has affirmed the banning of Mr Anthony John Downey, of Brighton, Victoria, from providing financial services, reducing the banning period to four years, commencing on 15 August 2016.
The AAT’s decision replaced the banning order made by ASIC against Mr Downey on 15 August 2016 to ban him from providing financial services for six years (refer 16-268MR).
ASIC had banned Mr Downey after finding that he had engaged in misleading conduct by providing documents containing false information to support an application for an Australian visa, knowing that the documents would be provided to an Australian government department.
In its decision, the AAT affirmed ASIC’s finding that Mr Downey did engage in misleading or deceptive conduct, however found that Mr Downey did not do so intentionally, but rather acted with 'extraordinary recklessness and inexcusable carelessness … of a sort that cannot be condoned'.
The AAT also emphasised in its decision the need for deterrence, stating, 'A clear message must be sent that misleading or deceptive conduct and professional incompetence of this sort will not be tolerated. The public deserves better and that message must be conveyed in strong and unequivocal terms.'
The AAT delivered its' decision on 26 June 2017 following Mr Downey’s application for review of ASIC’s decision.