POST Online Media Lite Edition


Former Equititrust CEO remains permanently banned from financial services

Staff Writer |
Mark McIvor, former chief executive officer and founding director of Equititrust Limited in liquidation remains permanently banned from providing financial services.

Article continues below

This follows withdrawing an application to the Administrative Appeals Tribunal (AAT) to appeal against ASIC's original banning decision.

McIvor was permanently banned from providing financial services on 2 September 2015 following an earlier ASIC investigation into the collapse of Equititrust.

At that time, Equititrust held an Australian financial services (AFS) licence and was the responsible entity of two registered schemes; Equititrust Income Fund (EIF) and the Equititrust Priority Class Income Fund (EPCIF) and was also the trustee of Equititrust Premium Fund (EPF); an unregistered managed investment scheme.

An ASIC delegate found that whilst he was the director of Equititrust, Mr McIvor contravened a financial services law and was not of good fame or character to provide financial services. His conduct involved breaches of the financial services legislation which were considered to be very serious, repetitive, prolonged and dishonest.

In particular, the ASIC delegate found that Mr McIvor contravened financial services laws by:

- signing 28 board meeting minutes, which falsely recorded a board meeting to approve a loan application had occurred, when no such board meeting had taken place, and in doing so, Equititrust did not meet its obligations under EIFs Compliance Plan; and

- failing to take all the steps that a reasonable person would take, if they were in Mr McIvor's position, namely to ensure that accurate, true and correct documents were relied upon for compliance checks and not be involved in the production of false documents.

McIvor subsequently filed applications for a review of ASIC's decision to permanently ban him from providing financial services and to stay the operation and implementation of the banning order.

The stay application was refused by the AAT and on September 1, 2016, Mr McIvor withdrew his application for review of ASIC's decision to permanently ban him from financial services.

What to read next

ASC alleges Jason Currey and companies perpetrated fraud on investors
Arizona telemarketer Publishers Service Office fined $110,000
Russian citizen indicted for hacking LinkedIn, Dropbox and Formspring