In a statement today, ASIC said it banned Patrick Simon Mitchell from providing financial services. Mr Mitchell was convicted in March 2017 of 25 counts of stealing in the Supreme Court of Tasmania.
He was sentenced to eight years in jail and will be eligible for parole after serving five years, ASIC said.
The charges relate to Mr Mitchell misappropriating $2.3 million from a client of his financial services practice to fund an extravagant lifestyle. His conduct occurred over a period of four years.
He was an authorised representative of a NAB subsidiary during the majority of that time, ASIC said. The statement does not name the subsidiary.
ASIC deputy chairman Peter Kell said, “ASIC will act to remove people from the financial services industry who act dishonestly and breach the trust of their clients.”
The banning is effective from 26 May 2017. ASIC said it has the power to permanently ban a person from providing financial services without a hearing if the person is convicted of “serious fraud”, such as stealing.
Good on ASIC, but it’s a sad tale when they can ban this guy for serious fraud yet not one Senior Sales Manager from any of the banks has ever gone to Gaol or been banned ever, and yet they have stolen the credibility of the wider planning community and many more millions from clients. Seems like the only punishment dished out was compulsory membership of the FPA. I’d like to find NAB guilty of tarnishing my career & professional standing amongst the wider Australian population.