The financial services organizer in Australia has permanently prevented the financial advisor Barry David King from providing financial services, noting a serious misconduct, including breach of trust and misuse of customer money.
In a statement issued on July 7, the Australian Securities and Investment Committee (ASIC) said that Mr. King “is not appropriate and proper” to work in this sector and is likely to violate the financial services law again.
ASEC said she found that Mr. King had hidden information from customers, provided false documents, and the use of money to pay personal obligations, and money management without sound permission.
He also failed to provide records or reveal what happened to customer investments.
The behavior was “unsafe, and it included misuse of customer money and the provision of wrong documents,” ASEC stated.
The prohibition, actual from July 1, also prevents King from controlling or participating in any financial services company. His name has been added to the outs and unqualified ASEC record.
King has been a representative of many financial services licenses since 2007, including PTY LTD advisory wealth and the main financial group. He was also director of multiple companies under the banner of the King Financial Group.
ASEC revealed that she had previously obtained the orders of the court that restricts King to leave Australia until July 2025. The organizer said that his investigation in his behavior continues.