The Australian Securities and Investments Commission (ASIC) has decided to permanently ban Sydney-based financial adviser Gavin Fineff from providing any financial services, overseeing financial services business, or performing any function related to doing business with financial services. Mr Fineff was an authorized representative of Sentinel Wealth Management Pty Limited from December 2011 to March 2020.
ASIC found that Mr Fineff had abused his position for personal gain by depriving customers of their funds. His conduct is described as misleading and dishonest, as he has received more than AUD5 million from customers and individuals as loans and, without their knowledge, has bet and lost a significant amount of these funds. In addition, Mr Fineff offered financial services outside his Sentinel authorization, competing with the company.
On May 7, 2021, Mr. Fineff was arrested and charged by police with 18 counts of dishonesty and fraud.