ASIC bans Scott John Morrison (not the PM) following work at Olive Financial Markets Pty Ltd

A bloke who shares the exact same name as our PM (middle name included) has been banned from providing financial services for seven years.

SCOMO DOUBLE

What are the odds?

In a bizarre coincidence, a bloke who shares the exact same name as our PM (even including the middle name!) has been banned from providing financial services for seven years.

Yes, ASIC just revealed that it took action against bizoid Scott John Morrison, who spent six years as the sole director of Olive Financial Markets Pty Ltd until this past November.

Olive ran several businesses on the Gold Coast between 2013 and 2018, with authorised representative companies offering complex “managed discretionary accounts” and cold-calling consumers to roll over their super.

But it became pretty clear that something was awry by late 2017. That’s when a squad of detectives swooped on the Surfers Paradise high-rise offices of Olive affiliates Camori Pty Ltd, Ricarmo Pty Ltd and Paradise Financial Group Pty Ltd.

Queensland Police and ASIC operatives examined computers, confiscated files and grilled staff during the raid.

No criminal charges were laid. But now, more than two years later, ASIC has concluded that Morrison, a 57-year-old native of Scotland, failed to act in the best interests of his clients and “is not competent to provide financial product advice’’.

He also “engaged in misleading or deceptive conduct and made false or misleading statements’’.

Morrison, who describes himself as an “active financial markets professional” with more than 25 years of experience, could not be reached for comment yesterday. He has not lodged an appeal over his banning.

SKIN IN THE GAME

While Morrison is no longer active in the day-to-day management of Olive, he still has plenty of skin in the game.

Company records show he and his firm Techwizard Pty Ltd continue to own a third of the shares.

The balance of the stock is controlled by US national Justin Richmond, who took over as sole director of Olive in November following Morrison’s exit.

The timing could hardly be worse for Richmond, who owns a home in Sydney’s ritzy Point Piper enclave worth well over $3 million.

ASIC cancelled Olive’s financial services license in March based on a laundry list of alleged transgressions.

The corporate cop claims the company “engaged in unconscionable conduct,’’ including the making of false or misleading statements and contravening hawking prohibitions by making unsolicited calls to potential clients.

But Olive fought the move and last month it was granted a stay of the ASIC decision until a further review is carried out by the Administrative Appeals Tribunal.

In the meantime, the company has been forbidden to take on any new clients and it has the uncomfortable job of informing existing customers about the ASIC drama.

We had hoped to have a chat with Richmond but he declined to comment yesterday.

RARE GLIMMER

Jamie Pherous and his gang at Corporate Travel Management got a rare glimmer of good news yesterday.

Like all players in that space, the Brisbane outfit has been hammered mercilessly by the virus crisis.

Corporate Travel Management CEO Jamie Pherous.

But Bell Potter analyst Alex McLean told clients in a note yesterday that CTM’s substantial exposure to the domestic travel sector, accounting for 60 per cent of its transaction value, should give it a boost as COVID-19 restrictions are lifted in the months ahead.

DELI DELIVERY

Food delivery businesses, of course, are booming right now and looking to expand their footprint.

One of the main players, Deliveroo, announced plans yesterday to extend their coverage to delis, small grocers and specialty food stores struggling to survive through online sales.

Deliveroo Deli, as it’s been badged, has started small, with only about 22 venues along the east coast on board now looking to flog smallgoods, produce, specialty groceries and ready-to-heat meals.

Among them is Salt Meats Cheese, which has three outlets dotted around Brisbane.