ASIC has made two orders permanently banning Queensland-based financial adviser David Eduardo Cubilla following his conviction of fraud in June 2024.
The conviction relates to Cubilla stealing more than $100,000 from a client’s superannuation account while he was an authorised representative of AMP Financial Planning (from 1 July 2014 to 2 June 2021).
The ban took effect from 27 December 2024. ASIC can permanently ban a person from providing financial services and engaging in credit industries if they are convicted of fraud.
Cubilla has been banned permanently from:
- Providing any financial services
- Performing any function involved in the carrying on of a financial services business
- Controlling an entity that carries on a financial services business
- Engaging in any credit activities
- Performing any function involved in the engaging in of credit activities, and
- Controlling, whether alone or in concert with one or more other entities, another person who engages in credit activities
Cubilla worked with:
- Havana Financial Services Pty Ltd from 28 July 2021 to 20 June 2023
- AMP Financial Planning Pty Ltd (AMP Financial Planning) from 1 July 2014 to 2 June 2021
- GPL (VIC) Pty Ltd from 29 September 2011 to 22 May 2014, and
- Australian Financial Services Limited between 19 February 2008 and 29 September 2011
In June 2024, Cubilla was convicted of fraud and sentenced to seven years’ imprisonment. He will be eligible for parole in June 2026.
Cubilla has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
AMP were renowned for their heavy-handed and compulsory compliance training and one assumes that involved training in ethics.Regional advisers would spend a week in the Emerald City just to maintain their "authorisation"
This gentleman's conviction says a lot for the value of the seven years of AMP "training" he would have received
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