The Australian Securities and Investments Commission (ASIC) has permanently banned Joshua John Doyle, a former Gateway Financial advisor, from providing financial services after he was convicted of serious fraud offences.
Doyle was employed by Gateway Financial Advisors, a corporate authorised representative of Titanium Planners. He was also an authorised representative of Titanium Planners from December 2009 to September 2011.
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Between September 2010 and September 2011, Doyle carried out unauthorised share trading using a client’s Macquarie Bank share trading account. Doyle then sold down the client’s shares without her knowledge, transferred the proceeds to the client’s cash management account, before transferring those funds to his own account using forged authorities.
As a result, Doyle obtained approximately US$173,000 to which he was not entitled.
In late 2011, Doyle was charged by NSW Police with a number of fraud offences. He pleaded guilty in the NSW Local Court to dishonestly obtaining a financial advantage. In August 2012, Doyle was sentenced to jail for 18 months, which was suspended on condition that he enter into a good behaviour bond.
Peter Kell, deputy chairman of ASIC, said: "ASIC will continue to take action to remove from the financial services industry those who break financial services laws and breach the trust of consumers."
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By GlobalDataASIC stated that Doyle has the right to appeal to the Administrative Appeals Tribunal.
