Finance 'adviser' on good behaviour bond

A Sydney man who gave financial advice to clients despite being unlicensed has been placed on a two-year good behaviour bond.

Manouchehr Tivay was placed on the bond after being found guilty in the Sydney District Court of unlawfully providing advice on behalf of Progressive Investments Securities Pty Ltd (PIS).

Neither he nor the company had the required licence to give financial advice - a breach only discovered when PIS went bust in 2005.

The conviction followed an Australian Securities and Investments Commission (ASIC) investigation into PIS and Capital Investments Group, which also went into voluntary administration in 2005.

Four people, including Tivay, have been found guilty of various charges relating to
the collapse of both companies which, according to liquidator Macquarie Bank, cost
their Sydney clients about $4.5 million.
Former PIS director Tunde Doja was last year found guilty of fraud and sentenced to
a minimum three years and eight months in jail.
PIS director Nellie Enares was convicted of making false statements to ASIC and
given 200 hours of community service.
Former PIS financial adviser Mohammad Zareei pleaded guilty to three Corporations
Act charges and was sentenced to 250 hours of community service.