ASIC bans WA financial adviser

as posted on TheAge

The Australian Securities and Investments Commission (ASIC) has banned Edward William Eikelboom of Maddington in Western Australia from providing financial services for three years.

An ASIC investigation found that in 2002 and 2003, Mr Eikelboom provided inappropriate advice to clients about investing in products of the now-collapsed Westpoint property group.

Mr Eikelboom provided financial planning services through Brighton Hall Securities Pty Ltd, which is now in liquidation, between November 2001 and September 2003.

He also provided such services to EAS (WA) Pty Ltd between September 2003 and May 2006.

Mr Eikelboom has the right to lodge an application with the Administrative Appeals Tribunal for a review of its decision.

ASIC said seven banning briefs relating to advisers who advised on Westpoint products are currently under consideration.

So far, 10 advisers who advised on Westpoint products have been banned.

as posted on TheAge