The Australian Securities and Investments Commission (ASIC) has banned Mr Wei Wang of Hawthorn, Victoria, from acting as a representative of a securities dealer or an investment adviser for life.

ASIC found that Mr Wang failed to perform his duties efficiently, honestly and fairly when he established and operated an account under a false name and lodged other client's shares as third-party collateral by forging signatures on lodgment of securities forms.

Mr Wang was a representative of Intersuisse Pty Ltd (Intersuisse) between October 1999 to July 2001.

ASIC also found that Mr Wang transferred $60,000 from a client's cash management account into the false account by creating a letter of authorisation.

The matter came to light when Intersuisse noticed deficiencies in trading accounts of clients of Mr Wang. Intersuisse immediately contacted Victoria Police, the ASX and ASIC. Intersuisse have refunded the money and shares to clients.

Mr Wang used the shares and money to cover debts arising from his own transactions.

'Securities representatives and dealers make decisions every day that affect both their clients and their employers, and it is vital that these decisions are made honourably, honestly and responsibly’, ASIC’s Director Enforcement, Jamie Orchard said.