In October 2019, the Australian Securities and Investments Commission (ASIC) imposed a 6 year ban on financial adviser, Jihad (or Joey) Soleiman, preventing Mr Soleiman from providing financial services during the period of the ban. The ban follows ASIC's finding that Mr Soleiman failed to, among other things, prioritise his clients' interests and act in their best interests.Alisha Shamim, Maddocks Lawyers
Mr Soleiman, a financial adviser from Wollert, Victoria, was an authorised representative of Apogee Financial Planning Limited during the period June 2013 to February 2019.
|Mr Soleiman's conduct||ASIC's finding|
Clients approached Mr Soleiman for advice about establishing self-managed super funds (SMSFs) for the purpose of investing in property or property development companies. The clients were looking to invest through Mr Soleiman's brothers who were in the property development business.
Conflict of interest between Mr Soleiman's interests and that of his clients'.
In relation to advice provided to 4 clients, Mr Soleiman:
Mr Soleiman failed to prioritise his clients' interests and act in their best interests.
As a result, ASIC banned Mr Soleiman from providing financial advice for a period of 6 years, commencing 7 October 2019. This ban is recorded on ASIC's register of financial advisers. Mr Soleiman has filed an application to review ASIC's decision in the Administrative Appeals Tribunal.
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For more information, contact Maddocks on (03) 9258 3555 and ask to speak to a member of their team.