The Australian Securities and Investments Commission (ASIC) has permanently banned Joshua John Doyle of Bradbury, New South Wales, from providing financial services after he was convicted of serious fraud offences.
Gateway Financial Advisors, an authorised representative of Titanium Planners, employed Doyle and he was also an authorised representative of Titanium from December 2009 to September 2011.
Between September 2010 and September 2011, Doyle carried out unauthorised share trading using a client’s Macquarie Bank share trading account. He then sold down the client’s shares without her knowledge and transferred the proceeds to the client’s cash management account, before transferring those funds to his own account using forged authorities.
As a result Doyle obtained approximately $173,000 to which he was not entitled.
Doyle was charged by New South Wales police with a range of fraud offences in late 2011.
He pleaded guilty in the New South Wales Local Court to dishonestly obtaining a financial advantage. In August 2012, Doyle was sentenced to jail for 18 months, which was suspended on condition that he enter into a good behaviour bond.
“ASIC will continue to take action to remove from the financial services industry those who break financial services laws and breach the trust of consumers,” said ASIC deputy chairman Peter Kell.
Since January, ASIC has banned 12 advisers from the financial services industry and of these, seven have been permanent bannings.
Doyle has the right to appeal to the Administrative Appeals Tribunal.
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