The Australian Securities and Investments Commission (ASIC) has permanently banned Graeme Edward Smith Hall of Rosslyn Park, South Australia, from acting as a representative of a securities dealer or investment adviser.

Between 1997 and October 2000 Mr Hall, worked as a financial adviser with Poynter Hargraves Hall, and was an authorised representative of Ausfin Management Services Pty Ltd (Ausfin). From October 2000 to August 2001, he was an authorised representative of Transocean Financial Services Pty Ltd (Transocean).

An ASIC investigation into Mr Hall's activities found that nine of Mr Hall’s former clients lost approximately $1.15 million, after he paid their money to his private company, Graeme Hall and Associates Pty Ltd (In Liquidation), following redemption of their investments.

Mr Hall was able to engage in this conduct as a result of his clients allowing him to nominate his address on their investment redemption forms, or through signing forms that were not fully completed, thus enabling Mr Hall to fill in the details.

With co-operation from Ausfin, Transocean and Poynter Hargraves, ASIC has taken action to ensure that Mr Hall's clients are fully compensated where possible.

The Serious Fraud Investigation Branch of the South Australia Police is continuing its investigation of Mr Hall's activities.

‘Due to the serious nature of Mr Hall's conduct, ASIC has permanently prohibited Mr Hall from giving investment advice or carrying on a securities business’, ASIC’s Director Enforcement, Jamie Orchard said.

'ASIC will not tolerate advisers who use their positions for their own gains, and will not hesitate to take action to protect the public from advisers who cannot be trusted in their industry', he said.

Investors can check whether a financial adviser has been banned from providing investment advice at ASIC's website, www.fido.asic.gov.au.

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