The Australian Securities and Investments Commission (ASIC) has permanently banned Mr Harvey Baigent, a financial planner from Brisbane, from acting as a representative of a dealer or investment adviser.

ASIC commenced an investigation of Mr Baigent following a complaint from his former employer, Partnership Planning (part of the ING Group). Mr Baigent was subsequently charged with four counts of fraud under the Queensland Criminal Code, relating to his conduct between the period July 2001 and June 2002. The charges were brought by the Queensland Director of Public Prosecutions.

Mr Baigent pleaded guilty in the District Court at Brisbane to four charges of dishonestly applying money for his own use, totalling approximately $152,000. In June 2003, Mr Baigent was convicted and sentenced to four years imprisonment on each count, to be suspended after serving 12 months.

As Mr Baigent had been convicted of a serious fraud, ASIC formed the view that Mr Baigent should be permanently banned from acting as representative of a dealer or investment adviser.

‘To protect the interests of investors, ASIC will take action to remove dishonest investment advisers from the industry ’, ASIC Director of Enforcement, Mr Allen Turton said.