Five-year ban for ‘deceptive’ adviser

The regulator said Mr Manley had engaged in conduct that was “misleading and deceptive, or likely to mislead or deceive” both clients and other employees of Wilsons Advisory.

Mr Manley’s actions resulted in exchange traded options being traded on two clients’ accounts without their instruction, ASIC said in a statement.

ASIC found that Mr Manley had “advised one client of an incorrect cost to close out their options trading account and that they were completely out of options when this was not the case; advised a second client of an incorrect balance in their options trading account and that he had taken steps to transfer the trading account balance to the client's bank account when this was not the case”.

Additionally, Mr Manley provided false documentation, supposedly signed by his clients, to Wilsons Advisory that asked for their email address details to be changed, ASIC said.

“Financial advisers operate in a position of trust and are expected to act with honesty and integrity in relation to their clients and the financial entities they represent,” said ASIC commissioner Cathie Armour.

“Appropriate enforcement action will be taken by ASIC against financial advisers who fail to do so.”