Australian Securities and Investments Commission (ASIC) announced today the permanent ban of Queensland financial adviser Warren Scott Acworth from providing financial services.
The investigation that led to the ban looked into Acworth’s conduct between December 2015 and May 2018 when he was working as adviser with Macquarie Equities Limited and in particular trading activities on behalf of a client in MINI warrants (a form of derivative).
ASIC found that the financial services Acworth provided were misleading and dishonest. He misled his clients about their portfolio’s value on 19 separate occasions. Acworth was also engaged in trading activities without authorization by the client and improperly transferring $185,000 between client’s accounts.
ASIC determined that Acworth is not of good character to provide financial services. His ban can be found on ASIC’s Banned and Disqualified Persons Register.