Origin Greats Wally Fullerton Smith, Greg Conescu and Gordon Tallis on the Gold Coast. Picture: Wayne Jones Source: Gold Coast Bulletin
Wally Fullerton Smith, a back-rower played for the St George Dragons rugby league club and represented both Queensland and Australia. Picture: Library NWN Source: The Daily Telegraph
- Ex league star's financial conduct considered "very serious"
- Permanently banned from providing any financial services
- Failed to comply with financial services laws
FORMER Storm Financial adviser and rugby league star Wally Fullerton Smith has been permanently banned from providing financial services after the corporate regulator found he did not pass on more than $60,000 in compensation specifically meant for his elderly former clients.
The Australian Securities and Investments Commission said it considered Fullerton Smith's conduct to be "very serious", Townsville Bulletin reported.
Fullerton Smith, a Gold Coast-based financial adviser and former Queensland and Australian rugby league representative, could not be contacted yesterday but the office of Sydney-based AAA Financial Intelligence Ltd yesterday confirmed he was an adviser with the firm.
ASIC said it had permanently banned Mr Fullerton-Smith from providing any financial services after finding he had engaged in misleading and deceptive conduct and failed to comply with financial services laws.
Andrew Symonds loses $1 million on Storm Financial
Fullerton Smith, who played91 matches for St George from 1987 to 1992, was a financial adviser with Storm Financial between May 2006 and June 2009.
ASIC investigates Wally Fullerton Smith
Storm collapsed at the end of 2008 as the sharemarket tanked and, according to ASIC, about 3000 investors lost more than $830 million in Storm-badged funds.
ASIC said an investigation found that between November 20, 2007, and December 10, 2010, Mr Fullerton-Smith:
FAILED to comply with financial services laws;
BREACHED the client/planner relationship as the financial adviser for an elderly couple, in their 80s, by using their MLC investments as security for a margin loan taken out in the name of a trust of which he was the trustee and one of the beneficiaries while knowing they stood to lose their entire investment;
ENGAGED in misleading or deceptive conduct or conduct likely to mislead or deceive when procuring the elderly couple's units in an MLC MasterKey Unit Trust as security for the trust margin loan account. It was implied the investment would be safe. ASIC said this was false and a misrepresentation of the risks; and
DID not pass on to his elderly clients $60,051 paid to him in error by the Commonwealth Bank as a settlement under the CBA Storm Resolution Scheme.
Read more at the Townsville Bulletin
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