The Australian Securities and Investments Commission (ASIC) has permanently banned Perth securities adviser Richard Masson Moody from acting as a representative of a securities or investment adviser.

ASIC banned Mr Moody, a former representative of D&D Tolhurst Limited and Kirke Securities Limited, following an investigation that revealed Mr Moody had contravened the Corporations Law, the Criminal Code (WA), the ASX Business Rules and failed to perform his duties efficiently, honestly and fairly.

ASIC Director Enforcement in WA, Stephen Howell, said ASIC continues to ensure investors are protected from advisers who do not act efficiently, honestly and fairly in carrying out their duties.

'Mr Moody's conduct was serious and ASIC will not hesitate to take swift and appropriate action to protect the public from advisers who cannot be trusted in their industry.

'This type of conduct is unacceptable and brings the securities industry into disrepute.

'This quick and decisive action taken by ASIC should serve as a warning to advisers contemplating similar conduct, and encourage the holders of securities licenses to ensure high level compliance procedures are in place.'

Mr Moody admitted that, whilst acting as a D&D Tolhurst representative, he fraudulently obtained money from Tolhurst, falsely completed buy and sell orders, traded on client accounts without authority, and engaged in misleading conduct in his dealings with Tolhurst.

Mr Moody also admitted that whilst acting as a Kirke Securities Limited representative he failed to keep proper records, falsely completed buy and sell orders and traded on client accounts without authority.

'ASIC is keen to hear from anyone with concerns about securities dealers and investment advisers - contact the ASIC Infoline on 1300 300 630', Mr Howell said.