ASIC has permanently banned Mr Neil Francis Dodd, of Townsville in Queensland, from providing financial services.

Mr Dodd was formerly employed as an authorised representative of LFG Services Pty Ltd (LFG Services). On 25 October 2007, Mr Dodd’s authority was revoked for failing to comply with the provisions of LFG Services’ Australian financial services licence. LFG Services Pty Ltd referred the matter to ASIC.

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

Background

In April 2008, ASIC commenced an investigation into the activities of Mr Dodd, specifically, his handling of clients’ funds. ASIC also conducted investigations into a company associated with Mr Dodd, Understanding Retirement Pty Ltd, for which he sourced a number of investors.

Following its investigation, ASIC initiated proceedings on 16 July 2008 to wind up Understanding Retirement Pty Ltd and another company operated by Mr Dodd, N.F & J.M Dodd & Associates Pty Ltd. On 27 August 2008, winding up orders were made in the Supreme Court of Queensland (refer to ASIC media release MR08-195). Messrs Buckby and Park of Korda-Mentha Chartered Accountants were appointed joint liquidators.