ASIC Bans Sole Director of Sterling & Freeman Advisory Pty Ltd for 5 Years

ASIC 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 ASIC surveillance found he was involved in Sterling & Freeman's contravention of financial services laws. Sterling & Freeman failed to lodge financial statements and auditor reports for the 2019, 2020 and 2021 financial years. ASIC 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.

ASIC previously permanently banned Mr Saman from providing financial services and engaging in credit activities. This order extends the permanent ban prohibiting Mr Saman from providing any financial service.