Appeal Against ASIC Ban Order
This is a case that involves an appeal against an ASIC ban order.
Our client was an employee of a bank working as a financial planner. He had a new client with him, who believed that his previous financial planner had been misappropriating funds from his account and that a fraud had been committed. This belief was held due to a series of coincidences which had transpired.
In order to assist his client get to the bottom of the issue, the client engaged in a behaviour which had the effect of money being transferred from an unrelated person’s account into his client’s account. When the misunderstanding was realised, efforts were made to rectify the situation. The conduct resulted in an internal investigation and then subsequent investigation by ASIC.
Kristina Kothrakis represented the client during the ASIC investigation.
We attended with the client at ASIC for a section 19 examination. This a compulsory, private examination where ASIC make enquiries into the issue. At this examination, a person is compelled to answer their questions and cannot claim a privilege against self incrimination.
We were later advised in writing that ASIC proposed to make a banning order against out client. We were entitled to respond, and did so setting out the reasons why we thought a banning order was inappropriate in these circumstances. But ASIC ultimately made the order, banning the client from providing financial services for a period of 5 years.
We appealed against the ASIC ban order to the Administrative Appeals Tribunal (AAT). The matter proceeded as a hearing where the client gave impressive evidence. We were ultimately successful in having the banning order set aside. The order of the AAT was that the client’s name be stricken from the register held by ASIC, and for it be treated as if it were never placed there. This was a matter where we worked very closely with the client to ensure that he was well-prepared for each stage of the proceedings.
Kristina strives to achieve the best possible result for all her clients. Skilled, decisive and assertive, Kristina demonstrates dedication, care and professionalism at all times.
Visit Kristina’s profile to read more about her background and experience.
DISCLAIMER: This is a real case study of an actual case from our files. Details pertaining to the client have been changed to protect their privacy. The sentence imposed and the charge have not been altered. These case studies are published to demonstrate real outcomes and give an indication of possible tariffs in Court. We do not guarantee a similar case on these charges will get the same result. Please note that we post results at our discretion, therefore while many case studies are average results, others are notable for their exceptional outcomes. PUBLISHED 21/12/2017