ASIC has banned Ian Williams, Peter Daly and Paul Raftery from providing any financial services for a period of five years each.
A statement from ASIC says they were all directors of Linchpin Capital Group Ltd and Williams and Raftery were also directors of Endeavour Securities (Australia) Ltd.
It says its banning decisions were made in November 2019. “Following this, Mr Williams, Mr Daly and Mr Raftery each appealed to the Administrative Appeals Tribunal (AAT). They applied for a stay of the decision and a confidentiality order preventing ASIC from publishing information about the banning order until the decision had been reviewed by the AAT.
ASIC says that on 29 April 2020, the AAT heard the applications for stay and confidentiality orders for each of the applicants.
On 27 May 2020, the AAT dismissed the applications for stay and confidentiality orders by Williams, Daly and Raftery.
“The hearings for the review of the banning decisions have not yet been listed for any of the applicants,” ASIC states.
“ASIC banned Mr Williams, Mr Daly, and Mr Raftery for their roles in the operation of managed investment schemes by Linchpin and Endeavour.” ASIC found that they each:
- Failed to act in the best interests of the members of the Investport Income Opportunity Fund
- Used their position as officers of the companies to gain an advantage for other persons and cause detriment to members of the Investport Income Opportunity Fund
… as a result, their conduct put significant amounts of other people’s money at risk…
The commission says it “… found that Mr Williams, Mr Daly and Mr Raftery did not understand the importance of the duties of directors to protect members of the managed investment schemes and, as a result, their conduct put significant amounts of other people’s money at risk”.
The banning orders for Williams, Daly and Raftery have been recorded on ASIC’s Banned and Disqualified Register.