The Australian Securities and Investments Commission (ASIC) has taken decisive action against Christopher David Nairn, a former director director of Equus Private Wealth Pty Ltd based in Melbourne. ASIC has issued two orders permanently banning Nairn from engaging in financial services and credit activities. This decision comes in response to Nairn's egregious misconduct, which involved falsifying numerous documents by forging clients' signatures, resulting in the misappropriation of over $650,000 in client funds.

ASIC's investigation revealed a pattern of deceit and dishonesty on Nairn's part, demonstrating a blatant lack of honesty, integrity, professionalism, and trustworthiness required for participation in the financial services and credit industries. As a consequence of his actions, Nairn has been prohibited from providing any service or performing any function associated with these industries. Additionally, he is barred from controlling entities engaged in financial services or individuals involved in credit activities.

It's notable that Nairn chose not to attend a hearing or make written submissions, further underscoring the seriousness of his misconduct. The banning order, effective from May 22, 2024, marks a significant step in upholding the integrity and trustworthiness of Australia's financial regulatory framework.

At the time of his wrongdoing, Nairn served as a director of Equus Private Wealth Pty Ltd and was an authorised representative under Capstone Financial Planning Pty Ltd's Australian financial services license. Additionally, between July 2011 and December 2014, he acted as a credit representative of Capstone.

In response to the misconduct, Capstone is currently in the process of remediating affected consumers.

Nairn's banning has been duly recorded on ASIC's banned and disqualified register.

It's important to note that Nairn retains the right to appeal ASIC's decisions to the Administrative Appeals Tribunal.

ASIC's media release serves as a timely reminder of the importance of regulatory oversight and the consequences of fraudulent behaviour within the financial services industry.

This information comes from the official ASIC media release on the 30th of May 2024 and is true at the time of publishing. To read ASICs media release click here.