A former Perth financial adviser has been permanently banned from engaging in any credit activities and from providing any financial services.
John Talbot Wertheimer copped the permanent ban after his conviction on Jan. 31 for engaging in dishonest conduct and providing financial services without appropriate authorisation.
In a statement, ASIC said Wertheimer made 48 unauthorised transactions on the trading accounts of clients using the Netwealth online trading platform between May 1, 2020 and May 21, 2020. He also lodged five hard-copy investment instruction documents with Netwealth, which contained forged signatures, purporting to relay instructions to deal with financial products on behalf of clients, between May 29, 2020, and July 22, 2020.
Wertheimer pleaded guilty to the charges on Sept. 16, 2022, and was sentenced to a total of 18 months’ imprisonment. He was soon released, however, after entering into a recognisance release order in the amount of $5,000, requiring him to be of good behaviour for 18 months. He was also slapped with a $10,000 fine.
ASIC has the power to permanently ban a person from operating in the financial services and credit industry respectively without a hearing if the person is convicted of a serious fraud, under the Corporations Act and National Consumer Credit Act.
Under the permanent ban, Wertheimer will no longer be allowed to provide any financial services or engage in any credit activities, control a financial services business or another person who engages in credit activities, or perform any financial services or credit activities for life.
Wertheimer has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
