#hornibrook

[timothyhornibrook]

ASIC slams ex-Macquarie agri chief for fake family office

ASIC has banned the former head of Macquarie Agricultural Funds Management (MAFM) for creating a fake family office.

PE firm acquires Mason Stevens

A $2 billion private equity firm will acquire Mason Stevens for an undisclosed figure.

Adamantem Capital has signed a binding agreement to acquire the managed accounts specialist.

Mason Stevens chief executive Tim Yule said the transaction will deliver significant value and benefits for clients, employees, and shareholders, taking the business to the next level.

Mason Stevens Group was formed in 2012 when managed accounts provider Mason Stevens acquired 2020 Funds Management and 2020 DIRECTINVEST.

[alfredsonger]

True Crime | Mick Gatto - Australia's 'Most Dangerous Criminal'?

True Crime | True Crime Podcasts on Youtube | True Crime Documentary In this episode of True Crime Legacy, I will talk about Domenic" Mick" Gatto. Domenic "Mick" Gatto (born 6 August 1955) is a professional mediator within the Victorian building industry; and a debt collector. Gatto was named as a standover man during the Royal Commission into the Building and Construction Industry. A veteran of Melbourne's underworld, Mick Gatto is one of the few survivors of Melbourne's Gangland Wars. Many of the victims were his long-time friends. Today the former heavyweight boxer runs Elite Cranes, a crane company that employs about sixty people, and Arbitrations and Mediations Pty Ltd., among others. The son of two Italian immigrants from Calabria, Gatto was raised in Melbourne and commenced working in the fruit and vegetable industry. A former boxer, in the 1980s and 1990s, Gatto was involved in Melbourne's illegal gambling scene. In 2004 Gatto was given a ten-year gaming ban, subsequently increased to a life ban.

[henryshaa]

Domenic "Mick" Gatto (born 6 August 1955) is a professional mediator within the Victorian building industry; and a debt collector. Gatto was named as a standover man during the Royal Commission into the Building and Construction Industry.

[rvgtimes]

Ex-Macquarie funds manager banned

The Australian Securities and Investments Commission (ASIC) revealed that in early 2011 Timothy Hornibrook, along with some members of the MAFM sales team conceived the concept of a fake family office, named the Brook Family Office (BFO), that was used to extract confidential information from competitors in the agricultural investment sector.

"Between May 2011 and March 2013, the sales team used two BFO email addresses to send emails to at least nine competitor fund managers based in Australia and overseas, all of which were known by the sales team to be direct competitors of MAFML," ASIC said.

"The emails purported to come from the BFO and contained a ‘request for information' document containing a list of questions, which sought information from MAFM's competitors such as company background, investment process, fund performance and fees.

"The sales team intended to use the information obtained by the BFO in order to give MAFML and/or MCP a commercial advantage against its competitors."

ASIC found that Hornibrook had breached his duties as an officer of a responsible entity of a registered managed investment scheme by:

Failing to act honestly;

Misusing the information he acquired as a director of MAFML in order to gain an improper advantage for himself, MAFML and/or Macquarie Crop Partners LP (MCP); and

Misusing his position as director of MAFML to gain an advantage for MAFML and/or MCP.

ASIC Commissioner Greg Tanzer said that "The deceptive conduct of Mr Hornibrook was not inadvertent nor was it the result of a momentary lapse".

"It was committed over a number of years and was intended to gain an advantage for himself and the Macquarie business for which he was responsible," Tanzer said.

Felicia Moore

[asianews24]

Australian Regulator Issues New Lengthy Ban

The former director and responsible manager of a Macquarie subsidiary has been penalised from providing financial services for a period of six years.

The Australian Securities and Investments Commission has banned Timothy Hornibrook finding that he had breached his duties as an officer of a responsible entity of a registered managed investment scheme.

Hornibrook, formerly a director and responsible manager of Australian financial services licensee, Macquarie Agricultural Funds Management (MAFML), was banned after ASIC found that he contravened financial services laws whilst he was a director and responsible manager.

Bogus Family Office

In early 2011, Timothy Hornibrook, a former co-Head and Head of Macquarie Agricultural Funds Management (MAFM), along with some members of the MAFM sales team conceived the concept of a fake family office, named the Brook Family Office (BFO).

The sales team then used two email addresses for the BFO to extract confidential information from MAFML's competitors in the agricultural investment sector on the pretence that it was assessing potential investment opportunities for its funds under management.

ASIC found that Hornibrook had breached his duties as an officer of a responsible entity of a registered managed investment scheme by

failing to act honestly,

misusing the information he acquired as a director of MAFML in order to gain an improper advantage for himself, MAFML and/or Macquarie Crop Partners LP (MCP)

misusing his position as director of MAFML to gain an advantage for MAFML and/or MCP.

Gaining an Advantage

The ASIC delegate said Hornibrook's conduct was 'extremely serious, that he was in a position of responsibility and that general deterrence is an important factor in this case.'

«The deceptive conduct of Hornibrook was not inadvertent nor was it the result of a momentary lapse. It was committed over a number of years and was intended to gain an advantage for himself and the Macquarie business for which he was responsible,» said ASIC Commissioner Greg Tanzer.

Hornibrook has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

[moneymanagements]

ASIC bans Macquarie unit ex-manager

Mr Hornibrook was a former director of a number of subsidiaries and/or related entities of Macquarie Group Limited, including MCP, a Delaware limited partnership.

The ASIC delegate said Mr Hornibrook's conduct was 'extremely serious, that he was in a position of responsibility and that general deterrence is an important factor in this case.'

ASIC Commissioner Greg Tanzer said that 'The deceptive conduct of Mr Hornibrook was not inadvertent nor was it the result of a momentary lapse. It was committed over a number of years and was intended to gain an advantage for himself and the Macquarie business for which he was responsible.'

[canaccordgenuitys]

ASIC bans Macquarie unit ex-manager

Macquarie Agricultural Funds Management operated under the Macquarie Infrastructure and Real Assets division.

Mr Hornibrook was a former director of a number of subsidiaries and/or related entities of Macquarie Group Limited, including MCP, a Delaware limited partnership.

The corporate watchdog has banned the former director and manager of a Macquarie subsidiary from the industry for six years after the man created fake email accounts to extract secret information from competitors.

ASIC found that Mr Hornibrook contravened financial services laws when he and other members of the Macquarie business created a fake family office - private wealth management firms that serve high net-worth investors - named the Brook Family Office.

ASIC said Mr Hornibrook has breached his duties as an officer of a responsible entity of a registered managed investment scheme and that he failed to act honestly, misused information to gain improper advantage and misused his position.

[vmnows]

Ex-Macquarie funds manager banned

The Australian Securities and Investments Commission (ASIC) revealed that in early 2011 Timothy Hornibrook, along with some members of the MAFM sales team conceived the concept of a fake family office, named the Brook Family Office (BFO), that was used to extract confidential information from competitors in the agricultural investment sector.

"Between May 2011 and March 2013, the sales team used two BFO email addresses to send emails to at least nine competitor fund managers based in Australia and overseas, all of which were known by the sales team to be direct competitors of MAFML," ASIC said.

"The emails purported to come from the BFO and contained a ‘request for information' document containing a list of questions, which sought information from MAFM's competitors such as company background, investment process, fund performance and fees.

"The sales team intended to use the information obtained by the BFO in order to give MAFML and/or MCP a commercial advantage against its competitors."

ASIC found that Hornibrook had breached his duties as an officer of a responsible entity of a registered managed investment scheme by:

Failing to act honestly;

Misusing the information he acquired as a director of MAFML in order to gain an improper advantage for himself, MAFML and/or Macquarie Crop Partners LP (MCP); and

Misusing his position as director of MAFML to gain an advantage for MAFML and/or MCP.

ASIC Commissioner Greg Tanzer said that "The deceptive conduct of Mr Hornibrook was not inadvertent nor was it the result of a momentary lapse".

"It was committed over a number of years and was intended to gain an advantage for himself and the Macquarie business for which he was responsible," Tanzer said.

Dennis Ward

[agriinvestor]

ASIC bans Macquarie unit ex-manager

The emails contained a “Request for Information” document containing a list of questions, which sought information from Macquarie’s competitors such as company background, investment process, fund performance and fees.

“The deceptive conduct of Mr Hornibrook was not inadvertent nor was it the result of a momentary lapse,” ASIC commissioner Greg Tanzer said. “It was committed over a number of years and was intended to gain an advantage for himself and the Macquarie business for which he was responsible,” Mr Tanzer said.

ASIC said Mr Hornibrook has breached his duties as an officer of a responsible entity of a registered managed investment scheme and that he failed to act honestly, misused information to gain improper advantage and misused his position.

[asic24]

ASIC bans former Macquarie Bank

The man who once headed up Macquarie’s leading agricultural fund has been banned by the corporate regulator for six years after he set up a fake business to solicit information from rivals. ASIC said yesterday Timothy Hornibrook, who was head of Macquarie Agricultural Funds Management, would face the six year ban for breaching ­financial services laws as a ­director and ­responsible manager.

A former Macquarie Bank private client adviser has been banned from the financial services industry after transferring unrealised losses of more than $200,000 between client accounts.

Australian Securities and Investments Commission found that Trevor Lam had acted without explicit client approval. Mr Lam accumulated the losses by trading options contracts, sophisticated financial products that take bets on share price movements.

ASIC's deputy director of enforcement, Timothy Hornibrook, said action was needed to protect the integrity of the financial services industry. Macquarie Bank alerted ASIC to the possible breaches of financial services laws.

Mr Lam can lodge an application with the Administrative Appeals Tribunal to have the decision reviewed. He ceased working at Macquarie in March 2006.

In a separate incident, ASIC is reviewing the compliance systems of Patersons Securities and Ord Minnett after two brokers allegedly used risky trading strategies without adequately advising clients or taking their circumstances into account.

Specifically, the FCA says Macquarie’s daily profit & loss reporting process was “ineffective” and failed to identify and deal with discrepancies. Additionally, the end of day futures reconciliation process failed to ensure that discrepancies were adequately managed because it excluded trades with future-dated clearing dates. The cancelled, amended and backdated (CABs)trades post-trade reporting control was also deficient in design and relied upon the equally flawed end of day process and a compensation control. This failure was exacerbated, the FCA says, by the poor functioning of a committee established to manage risks associated with CABs.

[leaprates]

ASIC bans Macquarie unit ex-manager

The Australian Securities and Investments Commission today said it had banned Clovelly man Timothy Hornibrook for the “extremely serious” deceptive conduct during his time as the head of Macquarie Agricultural Funds Management.

ASIC found that Mr Hornibrook contravened financial services laws when he and other members of the Macquarie business created a fake family office - private wealth management firms that serve high net-worth investors - named the Brook Family Office.

The emails contained a “Request for Information” document containing a list of questions, which sought information from Macquarie’s competitors such as company background, investment process, fund performance and fees.

ASIC said Mr Hornibrook has breached his duties as an officer of a responsible entity of a registered managed investment scheme and that he failed to act honestly, misused information to gain improper advantage and misused his position.

[newstraittimesblog]

Former Macquarie agri subsidiary exec banned for six years

The Australian Securities and Investments Commission (ASIC) has banned former director of Macquarie Agricultural Funds Management (MAFML) Timothy Hornibrook from providing financial services for six years, Agri Investor reports. The watchdog has ruled that in 2011 Hornibrook and “some members of the MAFM sales team” invented a fund manager called the Brook Family Office, and set up two email addresses associated with that name, in order to gain sensitive financial information from competitors, according to a statement from the ASIC. Hornibrook used the fake email addresses to extract sensitive information by pretending to be assessing investment opportunities. ASIC found that between May 2011 and March 2013 similar emails were sent to at least nine Australian and overseas competitor fund managers, requesting information on companies’ backgrounds, investment processes, fund performances and fees.

[brttnow]

Ex-Macquarie funds manager banned

The Australian Securities and Investments Commission (ASIC) revealed that in early 2011 Timothy Hornibrook, along with some members of the MAFM sales team conceived the concept of a fake family office, named the Brook Family Office (BFO), that was used to extract confidential information from competitors in the agricultural investment sector.

"Between May 2011 and March 2013, the sales team used two BFO email addresses to send emails to at least nine competitor fund managers based in Australia and overseas, all of which were known by the sales team to be direct competitors of MAFML," ASIC said.

"The emails purported to come from the BFO and contained a ‘request for information' document containing a list of questions, which sought information from MAFM's competitors such as company background, investment process, fund performance and fees.

"The sales team intended to use the information obtained by the BFO in order to give MAFML and/or MCP a commercial advantage against its competitors."

ASIC found that Hornibrook had breached his duties as an officer of a responsible entity of a registered managed investment scheme by:

Failing to act honestly;

Misusing the information he acquired as a director of MAFML in order to gain an improper advantage for himself, MAFML and/or Macquarie Crop Partners LP (MCP); and

Misusing his position as director of MAFML to gain an advantage for MAFML and/or MCP.

ASIC Commissioner Greg Tanzer said that "The deceptive conduct of Mr Hornibrook was not inadvertent nor was it the result of a momentary lapse".

"It was committed over a number of years and was intended to gain an advantage for himself and the Macquarie business for which he was responsible," Tanzer said.

Robin Berry

[expressnews]

Ex-Macquarie funds manager banned

The Australian Securities and Investments Commission (ASIC) revealed that in early 2011 Timothy Hornibrook, along with some members of the MAFM sales team conceived the concept of a fake family office, named the Brook Family Office (BFO), that was used to extract confidential information from competitors in the agricultural investment sector.

"Between May 2011 and March 2013, the sales team used two BFO email addresses to send emails to at least nine competitor fund managers based in Australia and overseas, all of which were known by the sales team to be direct competitors of MAFML," ASIC said.

"The emails purported to come from the BFO and contained a ‘request for information' document containing a list of questions, which sought information from MAFM's competitors such as company background, investment process, fund performance and fees.

"The sales team intended to use the information obtained by the BFO in order to give MAFML and/or MCP a commercial advantage against its competitors."

ASIC found that Hornibrook had breached his duties as an officer of a responsible entity of a registered managed investment scheme by:

Failing to act honestly;

Misusing the information he acquired as a director of MAFML in order to gain an improper advantage for himself, MAFML and/or Macquarie Crop Partners LP (MCP); and

Misusing his position as director of MAFML to gain an advantage for MAFML and/or MCP.

ASIC Commissioner Greg Tanzer said that "The deceptive conduct of Mr Hornibrook was not inadvertent nor was it the result of a momentary lapse".

"It was committed over a number of years and was intended to gain an advantage for himself and the Macquarie business for which he was responsible," Tanzer said.

Keith Smith

[financialconductauthority]

ASIC bans former Macquarie Bank

The man who once headed up Macquarie’s leading agricultural fund has been banned by the corporate regulator for six years after he set up a fake business to solicit information from rivals. ASIC said yesterday Timothy Hornibrook, who was head of Macquarie Agricultural Funds Management, would face the six year ban for breaching ­financial services laws as a ­director and ­responsible manager.

A former Macquarie Bank private client adviser has been banned from the financial services industry after transferring unrealised losses of more than $200,000 between client accounts.

The Australian Securities and Investments Commission found that Trevor Lam had acted without explicit client approval. Mr Lam accumulated the losses by trading options contracts, sophisticated financial products that take bets on share price movements.

ASIC's deputy director of enforcement, Timothy Hornibrook, said action was needed to protect the integrity of the financial services industry. Macquarie Bank alerted ASIC to the possible breaches of financial services laws.

Mr Lam can lodge an application with the Administrative Appeals Tribunal to have the decision reviewed. He ceased working at Macquarie in March 2006.

In a separate incident, ASIC is reviewing the compliance systems of Patersons Securities and Ord Minnett after two brokers allegedly used risky trading strategies without adequately advising clients or taking their circumstances into account.

Specifically, the FCA says Macquarie’s daily profit & loss reporting process was “ineffective” and failed to identify and deal with discrepancies. Additionally, the end of day futures reconciliation process failed to ensure that discrepancies were adequately managed because it excluded trades with future-dated clearing dates. The cancelled, amended and backdated (CABs)trades post-trade reporting control was also deficient in design and relied upon the equally flawed end of day process and a compensation control. This failure was exacerbated, the FCA says, by the poor functioning of a committee established to manage risks associated with CABs.

[24asia-news-press]

Australian Regulator Punishes Former Advisor Over Fake Family Office Scam

The watchdog has banned a former director of a Macquarie Agricultural Funds Management for six years.

Australia’s financial regulator has banned a former financial advisor from the industry for six years for conduct involving the creation of a fake family office. 

The Australian Securities and Investments Commission imposed the ban on Timothy Hornibrook of Clovelly, New South Wales. Hornibrook, formerly a director and responsible manager of Australian financial services licensee Macquarie Agricultural Funds Management, was banned after ASIC found that he contravened financial services laws whilst he was a director and responsible manager, the watchdog said in a statement.

In early 2011, Hornibrook, a former co-head and head of Macquarie Agricultural Funds Management, along with some members of the MAFM sales team, conceived the concept of a fake family office, named the Brook Family Office. The sales team then used two email addresses for the BFO to extract confidential information from MAFML's competitors in the agricultural investment sector on the pretence that it was assessing potential investment opportunities for its funds under management, the regulator continued. 

Hornibrook had breached his duties as an officer of a responsible entity of a registered managed investment scheme by failing to act honestly; misusing the information he acquired as a director of MAFML in order to gain an improper advantage for himself, MAFML and/or Macquarie Crop Partners LP; and misusing his position as director of MAFML to gain an advantage for MAFML and/or MCP.

ASIC's investigations are ongoing, it added.