Mr John Michael Higgins, of San Souci, New South Wales, today appeared in the Downing Centre Local Court of New South Wales on 21 charges of dishonest misconduct brought by the Australian Securities and Investments Commission (ASIC).

Mr Higgins, a former authorised representative, is charged with:

• 15 counts under the NSW Crimes Act of cheating or defrauding as a director of Macquarie Towns Financial Services Pty Limited, and
• 6 counts under the Corporations Act of dishonest conduct in relation to a financial product or financial service, while carrying on a financial services business.

Mr Higgins was a director of Macquarie Towns Financial Services Pty Ltd in Richmond, New South Wales, from 23 October 1985 to 9 October 2003 and operated as a financial adviser.

Mr Higgins did not enter a plea. The matter is back before the Downing Centre Local Court on 6 July 2004.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Background

On 26 August 2002, ASIC commenced civil proceedings in the Supreme Court of New South Wales against Mr Higgins and obtained an injunction restraining Mr Higgins from providing financial products or services advice, or dealing with clients’ funds, until further orders.

On 26 November 2002, the civil proceedings were finalised when ASIC obtained orders in the Supreme Court of New South Wales permanently restraining Mr Higgins from providing financial products and financial advice, or dealing with client funds.

On 19 June 2003, ASIC permanently banned Mr Higgins from acting as a representative of a securities dealer or of an investment adviser, and from providing any financial services.