The banking Royal Commission has recommended that financial services firm Henderson Maxwell face criminal charges.
Senior counsel assisting the commission, Rowena Orr, said the firm may have committed an offence under the Corporations Act by issuing a defective financial services guide.
The commission heard during the week that the financial services guide did not disclose that Sam Henderson owned a stake in a company which provided administration services to Henderson Maxwell.
Henderson told the commission that the information wasn’t disclosed because he didn’t think it was material.
Henderson also faced questions this week about an investigation into a complaint by a lawyer who would have lost $500,000 if she had accepted his advice.
Evidence given at the commission revealed that a staff member at the office of financial planner Henderson Maxwell impersonated the lawyer, Donna McKenna, to get private details from her super fund.
The financial services guide also said Mr Henderson had a Masters in Commerce when he didn’t. Mr Henderson told the commission that while he started his Masters but it was never completed.
More to come.
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