ob体育 has banned Wayne Christopher Saman, the sole director of Sterling & Freeman Advisory Pty Ltd (Sterling & Freeman) for a period of five years.
Mr Saman was banned because an ob体育 surveillance found he was involved in Sterling & Freeman鈥檚 contravention of financial services laws. Sterling & Freeman failed to lodge financial statements and auditor reports for the 2019, 2020 and 2021 financial years. ob体育 also found Mr Saman was not fit and proper to be involved in a financial services business.
The banning order prohibits Mr Saman from performing any function involved in the carrying on of a financial services business and from controlling, alone or with others, any entity that carries on a financial services business.
ob体育 previously permanently banned Mr Saman from providing financial services and engaging in credit activities (19-181MR). This order extends the permanent ban prohibiting Mr Saman from providing any financial service.
The banning order is recorded on ob体育鈥檚 publicly available聽. Mr Saman has the right to seek a review of ob体育鈥檚 decision at the Administrative Appeals Tribunal.
Background
ob体育 has suspended the Australian financial services licence of Sterling & Freeman until 7 September 2022 (22-217MR).