ASIC has permanently banned a former Macquarie Group financial adviser after it found he had engaged in "dishonest" and "misleading" conduct.
The Warren Scott Acworth was working with Macquarie between December 2015 and May 2018, where he undertook trading on behalf of a client with MINI warrants, a form of derivatives that derived value from another asset.
Acworth misrepresented to his client the value of the client's portfolio on 19 separate occasions, engaged in trading without the proper authority of the client, and transferred A$185,000 between the client's accounts without authority.
Acworth is not of good fame and character to provide financial services"
After this, the ASIC Financial Adviser Register shows Acworth moved to Shaw and Partners where he worked until 31 December 2019.
ASIC argued that, based on this conduct, "Acworth is not of good fame and character to provide financial services". Acworth's banning was recorded on ASIC's Banned and Disqualified Persons Register. He has the right to appear to the Administrative Appeals Tribunal.
The ban comes as part of the corporate regulator's wealth management project, which aims to lift standards among Australia's major financial advice providers.