ASIC has permanently banned Daniel Joseph Noonan, a former financial adviser based in Hobart, from the credit and financial services industries.
Mr Noonan was banned after pleading guilty and being convicted of 97 counts of fraud and 10 counts of stealing in the Supreme Court of Tasmania on 23 June 2017, following an investigation by Tasmania Police. Mr Noonan was sentenced to six and a half years’ imprisonment with a non-parole period of half that sentence.
The charges related to Mr Noonan misappropriating a total of $2,495,117 from 14 clients over a period of nine years. During that time, Mr Noonan was an authorised financial services representative of AMP Financial Planning Pty Ltd.
Mr Noonan used the money that he fraudulently obtained or stole to gamble or replace sums already misappropriated. When sentencing Mr Noonan, Justice Escourt of the Supreme Court of Tasmania described Mr Noonan’s crimes as ‘egregious violations of his fiduciary duty to his clients.’
ASIC Deputy Chairman Peter Kell said, ‘ASIC will act to remove people from the credit and financial services industry who act dishonestly and breach the trust of their clients.’
The banning is effective from 15 August 2017.
Mr Noonan has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.