Mr Peter Alexander Struk, a former stockbroker, representative and director of Reynolds and Co Pty Limited, has been banned for life from acting as a representative of a dealer or an investment adviser.

The Australian Securities and Investments Commission (ASIC) banned Mr Struk following an investigation that found he was not of good fame and character.

Mr Struk was found guilty in the Downing Centre Local Court on 1 February 2002 of fraudulently misappropriating $15,000 of a clients’ funds whilst a director and representative of Reynolds and Co Pty Limited.

Mr Struk allegedly misled a client into believing that a personal company of his, Woodfire Pty Limited, would be floated in July 2001, and recommended the client invest in it.

Mr Struk used the clients’ money for his own purposes and at no time intended to list the company on the ASX.

‘Advisers must act with the utmost good faith when they are entrusted with client funds, and ASIC will take action against advisers that breach the law and break their client’s trust’, ASIC Director Enforcement, Allen Turton said.