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Tuesday 22 November 2011

11-262AD ASIC bans Sydney man from providing financial services

ASIC has permanently banned Mr George Stephen Hawa from providing financial services after he was convicted of serious fraud.

Under the Corporations Act 2001 ASIC may ban a person who has been convicted of fraud.

On 4 April 2011, Mr Hawa was convicted of four counts of obtaining money by deception and one count of dishonesty obtaining financial advantage by deception, among other matters. As a consequence, Mr Hawa was sentenced to terms of imprisonment of five months, eight months, one year, two years and eight months, respectively.

Mr Hawa’s fraud convictions arose from the inducing of people to invest money in the foreign exchange market. Mr Hawa made false representations to those persons about the past performance of monies invested with him, particularly using a ‘marketing sheet’ that contained false information about the performance of investments. Mr Hawa was unlicensed to deal in financial products at the time.

ASIC’s action against Mr Hawa reflects the Commission’s commitment to ensuring consumer confidence in the financial services industry.

Mr Hawa has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Last updated: 19/11/2011 12:00