The Australian Securities and Investments Commission (ASIC) has permanently banned Ms Amber Joy Phelps, of Cairns, Queensland, from acting as a representative of a dealer or a representative of an investment adviser.

An ASIC investigation found that Ms Phelps had not performed her duties as an authorised representative efficiently, honestly and fairly, following the identification of irregularities in her trading account, and the trading accounts of several clients of her employer.

Ms Phelps was engaged as a junior dealer by stockbroking firm ABN AMRO Morgans Limited (AAM) in its Cairns office. Boxberg Holdings Pty Ltd, who employed Ms Phelps between October 2001 and September 2002, manages the Cairns office of AAM.

Ms Phelps was issued with a proper authority by AAM on 19 October 2001, and was responsible for effecting buy and sell orders on behalf of clients, and following up settlements.

Ms Phelps authority was cancelled by AAM on 10 September 2002 following the discovery of the irregularities.

ASIC’s investigation is continuing.