A SYDNEY financial planner who recommended Westpoint products has been banned for five years by the Australian Securities and Investments Commission.
ASIC has banned Andy Shen-En Chen of St Leonards from providing financial services.
Chen was the director and secretary of Investpoint Pty Ltd based in St Leonards in NSW. He was an authorised representative of Quantum Securities Pty Ltd which holds an Australian financial services licence.
Through Investpoint, Chen recommended Westpoint products to investors, the majority of whom were members of
An ASIC investigation found that, between October 2004 and November 2005, Chen provided inappropriate advice to clients about investing in Westpoint products, in breach of his obligation to have a reasonable basis for the advice he gave and to act in the best interests of his clients.
The regulator also found that Chen made statements to his clients about Westpoint products that were misleading or deceptive, or were likely to mislead or deceive.
Australian Property Journal
