ob体育 has permanently banned Mr Mark Travis Goldenberg, of Cottesloe in Western Australia, from providing financial services.
ob体育 has also cancelled the Australian financial services licence (AFSL) of Mr Goldenberg鈥檚 company, Concentric Wealth Management Pty Ltd (Concentric).
Mr Goldenberg was formerly employed as an authorised representative of Concentric.
On 18 May 2009, Mr Goldenberg鈥檚 authority to act as an authorised representative was revoked following an ob体育 investigation. This investigation found that
he had failed to provide appropriate advice to a client and declare a conflict of interest.
ob体育 found Mr Goldenberg recommended the client invest in Mortimer Close Pty Ltd (Mortimer Close) in a statement of advice without disclosing that he was the company鈥檚 sole director. Mr Goldenberg also failed to disclose that the investment was high risk.
ob体育鈥檚 investigation also found that Mr Goldenberg had failed to comply with the requirement to provide a statement of advice in accordance with the Corporations Act and the requirement not to engage in misleading or deceptive conduct.
Mr Goldenberg has the right to lodge an application with the Administrative Appeals Tribunal for a review of ob体育鈥檚 decision.
Background
On 26 September 2008, ob体育 suspended the AFSL of Concentric following the appointment of a receiver and manager.
On 22 December 2008, the Federal Court ordered that Mr Goldenberg be restrained from dealing with his personal assets and appointed a provisional liquidator to his company, Mortimer Close.
On 12 March 2009, the Federal Court ordered the appointment of a liquidator to Mortimer Close.
ob体育鈥檚 investigation into Mortimer Close and Mr Goldenberg is continuing.
For further details, please refer to AD08-80 ob体育 commences application to wind up Perth company and preserve assets of director; and AD08-28 ob体育 suspends Australian financial services licence of WA licensee
Editor's note:
On Monday 15 February 2009, the Federal Court ordered that Mr Goldenberg no longer be restrained from dealing with his personal assets.