Former financial adviser banned for forgery

The Australian Securities and Investment Commission (ASIC) announced it has permanently banned financial adviser Koresh Daniel Houghton from providing financial services because he had engaged in misleading, deceptive and dishonest conduct and failed to act in his clients' best interests when providing advice.

ASIC's surveillance of Mr Houghton found that he:

  • had created false documents by cutting and pasting customer signatures onto a letter nominating Mr Houghton as their adviser;
  • completed and submitted insurance application forms on behalf of clients with incorrect information;
  • failed to make reasonable enquires into clients' relevant objectives, financial situation and needs; and
  • failed to conduct a reasonable investigation into financial products that might achieve the objectives of the clients.
ASIC's surveillance of Mr Houghton reviewed multiple client files from the time he was an authorised representative of Financial Wisdom Limited (10 July 2013 to 21 January 2015) and cross-endorsed as an authorised representative of Commonwealth Financial Planning Limited (9 September 2013 to 28 November 2014), and Dover Financial Advisers Pty Ltd (22 January 2015 to 20 October 2016).

"Consumers should be confident that their financial adviser is honest and acting in their best interests. ASIC will continue to take action and remove advisers who engage in serious misconduct and breach community trust," ASIC Deputy Chairman Peter Kell said.

Mr Houghton's banning will be recorded on ASIC's register of financial advisers.

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

Findlaw

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