SA financial adviser permanently banned by ASIC

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ASIC has permanently banned Trevor Wayne Carll, of Port Pirie, South Australia, from providing financial services.

Mr Carll’s banning follows an ASIC investigation into his conduct while he was an authorised representative of the following Australian Financial Services licensees between 21 June 2004 and 20 May 2010:

  • Financial Wisdom Ltd
  • Financial Planning Services Australia Pty Ltd
  • Genesys Wealth Advisers Ltd.

Between June 2004 and August 2007, Mr Carll was employed by Port Pirie-based financial planning business, Bruce McDonald Investment Services Pty Ltd.

ASIC said its investigation found that Mr Carll acted dishonestly and in breach of financial services laws between 31 May and 26 July 2005 when he fraudulently caused two of his clients to sign third party security documents that resulted in the lodgement of over $900,000 of the clients’ retirement funds as security for a margin loan facility he operated.

Mr Carll’s actions resulted in the clients losing control of their retirement funds and suffering a financial loss of over $50,000. Negotiations are underway for the release of the clients’ funds and compensation for their financial loss.

Mr Carll’s conduct was brought to ASIC’s attention by Genesys Wealth Advisers Ltd who cooperated fully with ASIC’s investigation.

ASIC banned Mr Carll in order to protect the public, deter similar conduct and maintain consumer confidence in the financial services industry.

Mr Carll has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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