ASIC has permanently banned a former AMP Financial Planning adviser in Tasmania after he was convicted of nearly 100 counts of fraud.<\/p>\n
The regulator banned Daniel Joseph Noonan<\/strong>, 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.<\/p>\n 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.<\/p>\n 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\u00a0review of ASIC\u2019s decision.<\/p>\n <\/p>\n ASIC Adds Defendant to Breach Proceedings<\/strong><\/p>\n 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.<\/p>\n