Corporate regulator ASIC has banned a former SMSF Consultants adviser from providing financial services for 10 years, after an internal investigation found him guilty of misconduct.
The investigation found that Craig Gerard Dangar recommended investments in two companies – Morris Finance and NSW Finance & Leasing – without disclosing that he was a director and shareholder of both companies, ASIC said.
In some cases, Dangar also failed to provide his clients with adequate product disclosure statements or statements of advice, the regulator added.
Meanwhile, the ASIC today began court proceedings against former Bustan Group director Clinton Condon, over allegations he provided false accounts of the company’s reports for a period of two years.
Condon faces 34 charges – 31 counts of obtaining financial advantage by deception, one count of producing a false document and two counts of allowing false information to be given to auditors.