Member’s name: Mr Andrew G Jeffers
Dates of Hearing: 18 August 2016
Division: New South Wales
Tribunal: Disciplinary Tribunal
On 18 August 2016 the Disciplinary Tribunal found Mr Andrew G Jeffers breached Article 39(a)(ii)F of the Constitution in that he was the subject of an adverse finding that had not been overturned on appeal in relation to the Member's conduct, competence or recognition by a statutory authority in respect of a Decision of the Australian Securities & Investment Commission (ASIC) dated 14 May 2015 which prohibited Mr Jeffers from providing financial services for three years effective 21 May 2015 (Banning Order).
Mr Jeffers was banned after ASIC found that GTL Trade Up Pty Ltd (in Liquidation), a company of which Mr Jeffers was a director, issued three product disclosure statements between March 2012 and March 2013 that included statements which were materially false or misleading.
Liquidators were appointed, on 26 September 2013, to GTL with Clients owed approximately $4.4 million.
Mr Jeffers attended the Disciplinary Tribunal Hearing and admitted the Complaint.
Penalty and costs
The Disciplinary Tribunal found the Complaint sustained and imposed the following penalties and costs:
- forfeiture of Membership
- Mr Jeffers is not eligible for readmission until 21 May 2018, when the Banning Order is at an end.
Mr Jeffers was ordered to pay CPA Australia’s costs of $818.95.