Banned broker fights back against ASIC

He has now had his lifetime ban reduced to three years following a decision by the Administrative Appeals Tribunal.

ASIC banned Mr George after finding that he had falsified loan applications for himself and four clients in 2011.

This followed the MFAA’s decision to suspend his membership for two years in 2011.

Mr George told The Adviser he was happy the lifetime bans had been overturned, but felt his treatment had been a little harsh.

“Effectively, the findings that ASIC have come with are the same things the MFAA came up with and suspended me, so I find it’s almost a double-up of that punishment,” he said.

“However, in regards to the appeal, it seems a fair decision. For the tribunal to have gone from a permanent ban to set aside the whole thing would’ve been a fair jump.”

Mr George, who now works as a practice manager at a Mudgee chartered accountancy firm, said he was unlikely to return to broking when his ban is lifted in 2016.

He told the tribunal that while he deserved to be punished for his offences, he had acted out of character because he had been affected by difficult family circumstances.

The tribunal received character references from his two bosses, Linda Druitt and Matthew Dean, who described him as a man of integrity.

Tribunal deputy president RP Handley said Mr George had cooperated with the ASIC and MFAA investigations, and that his misconduct had not caused anyone any financial loss.

“I accept that Mr George received no direct financial reward as a result of his misconduct, albeit that he may have secured clients as a result and, in his own case, procured a deposit guarantee which enabled him to complete the purchase of an investment property,” he said.