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Tuesday 19 May 2009

09-90AD ASIC permanently bans former Cottesloe financial adviser - WA

ASIC has permanently banned Mr Mark Travis Goldenberg, of Cottesloe in Western Australia, from providing financial services.

ASIC has also cancelled the Australian financial services licence (AFSL) of Mr Goldenberg’s company, Concentric Wealth Management Pty Ltd (Concentric).

Mr Goldenberg was formerly employed as an authorised representative of Concentric.

On 18 May 2009, Mr Goldenberg’s authority to act as an authorised representative was revoked following an ASIC investigation. This investigation found that

he had failed to provide appropriate advice to a client and declare a conflict of interest.

ASIC found Mr Goldenberg recommended the client invest in Mortimer Close Pty Ltd (Mortimer Close) in a statement of advice without disclosing that he was the company’s sole director. Mr Goldenberg also failed to disclose that the investment was high risk.

ASIC’s investigation also found that Mr Goldenberg had failed to comply with the requirement to provide a statement of advice in accordance with the Corporations Act and the requirement not to engage in misleading or deceptive conduct.

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

Background

On 26 September 2008, ASIC suspended the AFSL of Concentric following the appointment of a receiver and manager.

On 22 December 2008, the Federal Court ordered that Mr Goldenberg be restrained from dealing with his personal assets and appointed a provisional liquidator to his company, Mortimer Close.

On 12 March 2009, the Federal Court ordered the appointment of a liquidator to Mortimer Close.

ASIC’s investigation into Mortimer Close and Mr Goldenberg is continuing.

For further details, please refer to AD08-80 ASIC commences application to wind up Perth company and preserve assets of director; and AD08-28 ASIC suspends Australian financial services licence of WA licensee

Editor's note:

On Monday 15 February 2009, the Federal Court ordered that Mr Goldenberg no longer be restrained from dealing with his personal assets.

Last updated: 16/02/2010 12:00