The Australian Securities and Investments Commission (ASIC) has banned Northern Territory-based financial adviser Harris Shortland following his conviction of supplying dangerous drugs, namely cocaine and receiving or possessing the proceeds of their sale.
“Under the Corporations Act, ASIC may ban a person from providing financial services if ASIC has reason to believe that the person is not fit and proper person to provide one or more financial services,” the regulator said.
“ASIC is satisfied that banning Mr Shortland will uphold investor and consumer confidence generally in the financial services industry and encourage professionalism amongst other industry participants by deterring them from similar misconduct.”
Shortland is banned for seven years, effective 4 March 2025, from providing any financial services; controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business; and performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in some other capacity).
According to ASIC, Shortland had been involved in the financial services industry for more than 15 years.
On 16 December 2021, Shortland was convicted of supplying dangerous drugs and receiving or possessing the proceeds of their sale. He was sentenced to six and a half years of imprisonment, and his non-parole period expires in January 2026.
At the time he committed the offences he was a shareholder, director and responsible manager of HJ Shortland & Co Wealth Management (HJS) in Alice Springs, where he worked as a financial adviser. HJS ceased trading due to Shortland’s imprisonment and its licence was suspended in 2022 and then cancelled in 2024.
The banning has been recorded on ASIC’s banned and disqualified register, and Shortland has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
And professional financial advisers will then be lumped with even more costs that have absoloutely nothing to do with running a truly professional business.
When will this disaster be called out for what it truly is – systemic, long term regulatory failure amongst both Australian Governments (not limited to any one political party) and regulators. Effective regulation (not punitive regulation) is non-existent in Australia and this is the root cause of this fiasco.
The costs should be met by those who are ultimately responsible for this issue – the regulators / Government. Not hard working small business owners who are getting squeezed more and more every day dued to the utter incompetenced of our regulatory overlords!!