The corporate watchdog has cancelled both the Australian financial services licence and Australian credit licence of Morrison Carr Financial Services following surveillance of the business.
The Australian Securities and Investment Commission also permanently banned the sole director of Morrison Carr Financial Services, Dennis Cardakaris, from providing financial services and engaging in credit activities.
Morrison Carr provided financial planning and credit advice through a network of 42 authorised representatives and seven credit representatives located in offices around Australia.
The financial advisory firm started in Sydney in 1997 and has its head office at Circular Quay.
Morrison Carr’s website describes the business as “in a growth phase” and advertises the high earning potential for employees, saying “six-figure earnings are not uncommon for top performers”.
Morrison Carr has filed an application for review and a stay in the Administrative Appeals Tribunal in relation to the ASIC decision to cancel both the Australian financial services licence and Australian credit licence.
Cardakaris also has the right to seek a review in the AAT of the ASIC decision to permanently ban him.
SmartCompany attempted to contact Morrison Carr and Cardakaris but did not receive a response prior to publication.