ASIC has permanently banned former financial adviser, Adam David Joyner, of Sydney, from providing financial services.

Mr Joyner was banned from providing financial services after ASIC found he had engaged in dishonest conduct and was not of good fame or character.

ASIC found that Mr Joyner engaged in dishonest conduct that was both deliberate and persistent over a period of three years in relation to four clients, most of whom were elderly.

Further, Mr Joyner was found to have been operating a financial services business, for a brief period, without holding an Australian financial services (AFS) licence.

The dishonest conduct involved Mr Joyner using client funds for purposes other than instructed by the client, attempting to conceal his failure to purchase shares, selling shares without client authority and not returning the proceeds from the sale of shares and passing valueless cheques. As a consequence of Mr Joyner’s actions, his clients suffered losses of approximately $1,050,000.

In addition, ASIC found that Mr Joyner failed to cooperate with ASIC in responding to compulsory statutory notices and obstructed or hindered an ASIC officer which was indicative of a person who has complete disregard for his legal obligations and is likely to contravene a financial services law in the future.

ASIC Commissioner Greg Tanzer said, ‘The investing public needs to be able to have trust in those who provide professional advice. ASIC will act to ensure those who behave dishonestly and without regard to their obligations to their clients and community more broadly will be permanently removed from the financial services industry.’

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

Background

Mr Joyner was an authorised representative of Peter Joyner & Associates until this business had its licence cancelled by ASIC in April 2011 (refer: 11-101MR). After April 2011, Mr Joyner continued to provide financial services without an AFS licence.