In a statement issued today, the corporate regulator announced it has permanently banned Glenn Russell Evans, former director of Kismet Trading, from providing financial services.
Mr Evans was sentenced to five years’ jail in May, after an ASIC investigation found he had conducted fraudulent behaviour involving SMSF trustees investing in listed equities and derivatives.
The former director was found to have failed to invest money as stipulated by client agreements and provided false trading and performance reports as well as failing to repay the balance of the proceeds to investors.
Judge David Arnott SC said Mr Evans had been “motivated by a combination of personal greed and ambition”.
So the adviser was jailed in May but ASIC only bans them now. Why doesn’t ASIC have a policy of immediately applying an interim ban of say 12 months when a judgment is handed down? The interim ban can then be upgraded (or ‘up-sized’) depending on the seriousness of the offence.