Australian regulator ASIC has imposed a permanent ban on Sydney-based financial adviser Gavin Fineff for misusing his position for personal gain.
June 8, 2021 | AtoZ Markets – The Australian Securities and Investments Commission (ASIC) has permanently banned Sydney-based financial adviser Gavin Fineff from providing any financial services, controlling a financial services business or performing any function involved in carrying on of a financial services business.
Mr Fineff was an authorized representative of Sentinel Wealth Management Pty Limited in Sydney, from 12 December 2011 to 20 March 2020. Mr Fineff was also a Responsible Manager under Sentinel’s Australian financial services licence from 12 November 2015 until 20 March 2020.
ASIC found Mr Fineff had misused his position for personal gain and as a consequence, deprived clients and others of their funds. Mr Fineff also engaged in misleading and dishonest conduct in that he sourced more than $5 million from clients and individuals as loans and, without their knowledge, gambled and lost a significant amount of those funds.
ASIC also found Mr Fineff was providing financial services outside of his authorization from Sentinel and that he also acted in conflict, and competed, with Sentinel.
As a result, ASIC found Mr Fineff:
- breached financial services laws by failing to act in the best interests of his clients and engaging in unlicensed conduct;
- is likely to breach financial services laws in the future;
- is not adequately trained or competent to provide financial services, perform any function as an officer that carries on a financial services business or control an entity that carries a financial services business; and
- is not a fit and proper person to provide financial services, perform any function as an officer that carries on a financial services business or control an entity that carries a financial services business.
ASIC determined that a permanent banning of Mr Fineff is necessary to prevent future harm to clients of financial services businesses.
Mr Fineff has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.
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