ASIC has permanently banned Mr Adam Guy Grant of Kew, Victoria from providing financial services.

Mr Grant was employed as a financial adviser in Tasmania by Shadforths Limited (Shadforths) between July 1999 and August 2005. Shadforths, the holder of an Australian financial services license, cooperated with ASIC’s investigation.

ASIC banned Mr Grant after an ASIC delegate found he failed to comply with a financial services law and, further, had reason to believe that he would not comply with a financial services law in future.

ASIC found that between September 2001 and July 2005, Mr Grant altered broker codes in Shadforths’ computerised trading and reporting system in relation to 839 share-trading transactions. The broker codes were used to allocate commissions to financial advisers and Shadforths and, by manipulating these codes, Mr Grant was able to receive payment of $28,678.48 in commissions to which he was not entitled. Mr Grant has since repaid this money.

Mr Grant has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision.