Friday 22 December 2006 – LAWFUEL – Law News, Law Jobs – The Australian Securities and Investments Commission (ASIC) has banned Mr Trevor Christian Lam, of Hunters Hill in New South Wales, from providing financial services for five years. Mr Lam’s banning follows an investigation by ASIC into his conduct as a private client adviser with Macquarie Bank Limited (Macquarie) between September 2005 and February 2006. Mr Lam ceased employment with Macquarie in March 2006.
ASIC banned Mr Lam after finding that he had not complied with financial services laws, and that there was reason to believe that he would not comply with financial services laws in the future. ASIC’s investigation found Mr Lam: • engaged in improper conduct in relation to a financial product that was misleading or deceptive, or was likely to mislead or deceive, when he arranged for open call option contracts (with unrealised losses in excess of $200,000) to be transferred from one client’s account to another without any authority to do so; and • breached the discretionary trading policy of Macquarie Equities Limited, a wholly owned subsidiary of Macquarie, by trading options contracts on a client account without the explicit instructions from the client. Macquarie Equities, the holder of an Australian financial services licence, referred the matter to ASIC and cooperated fully with ASIC’s inquiries.
‘To protect consumers and maintain the integrity of the financial services industry, ASIC will remove those who do not deal appropriately with clients accounts’, ASIC’s Deputy Director of Enforcement, Mr Allen Turton said. ‘Licensees play an important role in helping ASIC by informing us at an early stage of misconduct by their representatives’, Mr Turton said. Mr Lam has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC’s decision. For further information contact: Allen Turton Deputy Executive Director, Enforcement Telephone: 02 9911 2338 Mobile: 0411 549 236 Danielle Huck ASIC Media Unit Telephone: 03 9280 3407 Mobile: 0417 540 769