ASIC has permanently banned a former AMP Financial Planning adviser in Tasmania after he was convicted of nearly 100 counts of fraud.
The regulator banned Daniel Joseph Noonan, who was based in Hobart and with AMP Financial Planning for 12 years, after he pleaded guilty and was convicted of 97 counts of fraud and 10 counts of stealing in the Supreme Court of Tasmania on 23 June.
The case followed an investigation by Tasmania Police which found that Noonan had misappropriated $2,495,117 from 14 clients over a period of nine years and used the money to gamble or replace sums already misappropriated.
Noonan was sentenced to six and a half years’ imprisonment with a non-parole period of half that sentence and his ban from ASIC is effective from 15 August 2017, but he has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.
ASIC Adds Defendant to Breach Proceedings
In other non-related legal matters, ASIC has added a fourth defendant to proceedings against a Melbourne based licensee which it alleges has breached provisions of the Corporations Act 2001 and ASIC Act 2001 relating to best interest obligations and misleading and deceptive conduct and unconscionable conduct.
ASIC had already begun legal action against Wealth and Risk Management Pty Ltd (WRM), and related companies Yes FP Pty Ltd and Jeca Pty Ltd, trading as Yes FS (see: ASIC to Claim Licensee Breached Best Interest Duty) in March this year, but was successful in applying to the Federal Court to make Joshua Fuoco, the owner of the three companies, a fourth defendant in the proceedings.
According to ASIC, Fuoco was also previously a director of the three defendant companies until he was disqualified by ASIC from managing corporations for two and half years from 13 May 2016. Fuoco was also previously banned by ASIC from providing financial services for 5 years from 13 January 2010 to 12 January 2015.
In adding Fuoco to the case, ASIC alleged that he was knowingly involved or concerned in unconscionable conduct by three businesses, carrying on an unlicensed financial services business by Yes FS, and involved in misleading and deceptive representations by Yes FS.
The case will return to the Federal Court on 1 February 2018 but the defendants have been ordered to file their defence by 13 September 2017.
Why does it seem to take years to catch these idiots Surley people don’t have that much money that they cannot smell a rat when the see one
Millions of dollars end up wasted by these people with gambling habits drug addiction or maybe they just get off on the ” I’ve robbed you and your non the wiser? ”
ASIC can only do so much it’s up to the industry and the clients to speak up when things don’t seem right Maybe then and only then will the fear of getting caught and facing a lengthy jail term have them think twice before attempting these outrageous indignities to their clients themselves and our industry
$2 million dollar fraud by an adviser equals 6 yrs in jail for an adviser. Fair enough. Of course AMP walk away unscathed.
$50 billion fraud by commonwealth bank. No jail time. No loss of jobs and a slap on the wrist fine.
Its time to stop being an adviser and just join the bankers ranks and ruin lives with impunity
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