ASIC has permanently banned Melbourne-based former director Christopher David Nairn from the financial services and credit industries.
Nairn falsified numerous documents by forging his clients’ signatures, enabling him to misappropriate more than $650,000 in client funds.
ASIC found Nairn’s conduct indicative of a person who lacks the honesty, integrity, professionalism, and trustworthiness required to participate in these industries.
“ASIC has permanently banned Mr. Nairn from providing any service or performing any function associated with the financial services and credit industries as well as controlling an entity that carries on a financial services business or a person who engages in credit activities,” ASIC said.
The ban took effect on May 22. Nairn opted not to attend a hearing or make written submissions regarding his case.
At the time of his misconduct, Nairn was a director of Equus Private Wealth and an authorised representative under Capstone Financial Planning’s Australian financial services license. Between July 2011 and December 2014, he was also a credit representative of Capstone, ASIC reported.
Capstone is in the process of remediating impacted consumers.
Nairn’s banning has been recorded on ASIC’s banned and disqualified register.
He has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Prior to this news, ASIC announced that Daniel Farook Ali, former director of DanFX Trade, has been sentenced to seven years and three months imprisonment for fraud by the Brisbane District Court; the Federal Court found Cigno Australia and BSF Solutions engaged in credit activity without an Australian credit licence and charged consumers prohibited fees, with directors Mark Swanepoel and Brenton Harrison also involved in the breaches.
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