This biography is a rough draft. It was auto-generated by a GEDCOM import and needs to be edited.
Event
Event: Byron Lye ( married Patricia Willett)
Type: children
Note: 06-361 ASIC bans financial services representatives in Qld and NSW
Wednesday 11 October 2006
ASIC has banned Mr Byron Michael Lye, of Murrumba Downs in Queensland, and Mr Graham George Huckel, of Orange in New South Wales, from providing financial services for five years each.
Mr Graham Huckel
Mr Huckel was a former authorised representative of Elm Financial Services Pty Ltd (Elm), an Australian financial services licensee. Mr Huckel was banned after an ASIC investigation into the activities of Elm revealed repeated breaches of the Corporations Act.
ASICs investigation found that Mr Huckel:
made false representations to clients regarding the security of the investments he was recommending, inducing clients to apply for those investments. Mr Huckel also failed to conduct reasonable investigations into these investments and did not pay proper regard to the investment needs of a number of his clients;
recommended several investments which did not have the required disclosure documents lodged with ASIC;
Mr Huckel made offers to members of the public to invest in an unregistered managed investment scheme; and
in several instances, failed to provide statements of advice (SOA) to his clients. In other instances the SOAs were inadequate because they failed to explain the reasoning behind the recommendations and risks associated.
ASIC found that despite 22 years of experience in the industry, prior to joining Elm, Mr Huckel did not demonstrate that he had developed the skills of a competent authorised representative and that he posed a real risk to members of the public.
Mr Byron Lye
ASIC banned Mr Lye after finding that he provided financial services outside the scope of his authority as an authorised representative, or alternatively, carried on a financial services business without holding an appropriate licence.
Mr Lye was an authorised representative of Money Matters Financial Solutions Pty Ltd (Money Matters), now under external administration, from 17 March 2004 until 15 June 2005. Mr Lye was authorised by Money Matters to provide only product information and general financial product advice with respect to two investments, Hillston Grove Vineyards Project (Hillston Grove) and Northern Rivers Coffee Project (Northern Rivers).
ASIC found that Mr Lye acted outside the scope of his authority by providing personal financial product advice to clients in relation to investing in Hillston Grove and Northern Rivers, as well as two unlisted public companies.
Further, in its investigation ASIC found that Mr Lye dealt in a financial product by:
providing clients with application forms and payment instructions to enable them to acquire interests in Hillston Grove;
obtaining written authorisation from clients to sell their interests in Hillston Grove; and
selling two units in Hillston Grove as an agent for a client.
ASIC found that Mr Lye represented to clients that the financial services he was providing to them were being provided on behalf of Money Matters. ASIC determined that Mr Lye was acting with the ostensible authority of Money Matters even though his conduct was outside the terms of his authority.
In September 2005, Hillston Grove Vineyards Ltd, Managed Investments Australia Ltd and Investment Licensing Pty Ltd provided undertakings, through their directors, to the Supreme Court of Queensland following proceedings commenced by ASIC. The undertakings related to concerns that the operation of the Hillston Grove scheme was not being conducted in accordance with the Corporations Act. ASIC commenced proceedings after an application by Hillston Grove to obtain an Australian financial services license and register the Hillston Grove Vineyards Project was refused.
ASIC will not tolerate representatives of financial services licensees neglecting their duties to their clients and their obligations under the law. The public is entitled to expect a high standards of professionalism and competence from those who work in financial services and ASIC will take appropriate action against those found wanting, Mr Allen Turton, Deputy Executive of Enforcement, said.
Mr Huckel and Mr Lye have the right to lodge an application with the Administrative Appeals Tribunal for a review of ASICs decision.
Event: Patricia Lye
Type: children
Event: Rhonda Wieckhorst ( born Lye)
Type: children
User ID
User ID: 65ADB68C843D4851AAC4760FE11BAF317D1A
Data Changed
Data Changed:
Date: 24 Jun 2011
Time: 15:57
Prior to import, this record was last changed 15:57 24 Jun 2011.
Sources
WikiTree profile Caroll-4 created through the import of July 2011 Rogan Paul.ged on Jul 4, 2011 by Tony Paul. See the Changes page for the details of edits by Tony and others.
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