ASIC permanently bans former WA adviser

The Australian Securities and Investments Commission (ASIC) has permanently banned former Perth financial adviser, John Wertheimer, from providing any financial services and engaging in any credit services following his conviction for engaging in dishonest conduct.

Wertheimer was convicted in January, 2023, 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.

ASIC found that in May 2020, Wertheimer made 48 unauthorised transactions on the trading accounts of clients using the Netwealth online trading platform. Between May 2020 and 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.

He 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 also recorded on ASIC’s Banned and Disqualified Register.

He has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC’s decision.