Ex-financial adviser gets permanent ban after 48 unauthorised client platform deals

Australia Securities & Investments Commission (ASIC) has permanently banned former Perth financial adviser John Talbot Wertheimer from engaging in any credit activities and from providing any financial services. 

The permanent banning follows Wertheimer's conviction on 31 January 2023 for engaging in dishonest conduct and providing financial services without appropriate authorisation.

Between 1 May 2020 and 21 May 2020, Wertheimer made 48 unauthorised transactions on the trading accounts of clients using the Netwealth online trading platform.

Between 29 May 2020 and 22 July 2020, he also lodged five hard copy investment instruction documents with Netwealth, which contained forged signatures, purporting to relay instructions to deal with financial products on behalf of clients. 

Wertheimer pleaded guilty to the charges on 16 September 2022

Wertheimer was sentenced to a total of 18 months' imprisonment but released immediately after entering into a recognisance release order in the amount of $5,000 requiring him to be of good behaviour for 18 months. He was also fined a total of $10,000. 

Wertheimer is permanently prevented from: 

• providing any financial services or engaging in any credit activities,
• controlling an entity that carries on a financial services business or another person who engages in credit activities, and
• performing any function involved in the carrying on of a financial services business or in the engaging in of credit activities.

Wertheimer's banning is recorded on ASIC's Banned and Disqualified Register.  

Wertheimer has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.