A former Millennium 3 and Lonsdale Financial Group financial adviser was banned for seven years for personally using client funds.
Glenn William Connor was banned by ASIC after it found that he had used clients' assets as security for a margin loan and borrowed client funds. The offences took place between 2008 and 2016.
Connor was licensed by Millennium 3 from 29 September 2008 to 12 September 2011. He then switched to Lonsdale where he served as an authorised representative until April 2016. He was since licensed by Hunter Green, an AFSL controlled by the G & A Hunter Family Trust.
At the same time, he also traded as a financial adviser under the business name Glenn Connor Financial Planning.
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The regulator's investigation found Connor took advantage of his trusted position as an independent financial adviser by using client's money for personal gain and engaging in conduct which could have caused significant losses to clients.
ASIC also stated that he resorted to deceptive conduct to hide the security and loan arrangements from Lonsdale.
Connor, who is a member of the Association of Financial Advisers, has the right to appeal to the Administrative Appeals Tribunal.