Nicholas Ellis of Valentine, NSW, was banned after he pleaded guilty to making false or misleading statements to obtain money from clients and fraudulent misappropriation of client funds. Mr Ellis was sentenced to three years’ imprisonment for the offences, to be served by way of an intensive correction order.
Mr Ellis admitted to fraudulently misappropriating approximately $562,000 of client funds received by Tura Pty Limited, of which some of the funds were used to buy a house in Manly, NSW.
“Mr Ellis was a trusted financial adviser and accountant, who misled his clients and misused their funds for the benefit of his own business. Accountants and financial advisers are in a position of trust,” said ASIC commissioner Danielle Press at the time of the conviction.
“As demonstrated in this case, ASIC is prepared to take criminal action where trusted advisers misappropriate clients’ money.”
In 2013, ASIC previously banned Mr Ellis from providing financial advice for six years for dishonest conduct in unrelated matters.
Mr Ellis has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
There is a bigger story here IFA. The words Financial Planner are a now protected term. If ASIC is calling this person a Financial Planner and there not, then the bigger story here is that ASIC is slandering an entire industry, and clearly 1) don’t know the law and 2) have some hidden agenda here. ASIC should not be using the broad words “trusted adviser” given the words Financial Planner are now protected. I’m sure readers would be very interested how ASIC intends to use this protected phase going forward.
I remember a press conference with Jackie Lambie and Sam Dastyari when Lambie said “it was important to have legislation to protect people from dodgy financial planners like our next speaker received”. A lady then fronted the media and said “MY ACCOUNTANT put me into a timber scheme”… The broad use of the term “trusted adviser” to describe “anyone” from Cardinal George Pell to the Financial Controller, has lead to over regulation, red tape, FASEA and ordinary advice being outside of the realm of ordinary Australians. “Financial Advisers” should be up in arms about any misuse.
the first thing the industry bodies – fpa and afa – need to do is to sue the next person/entity that uses the protected terms financial planner or adviser incorrectly for defamation and incorrect use of a protected term.
after that, they might get a little more sympathies from financial planners
When does the Accounting industry get their Royal Commission? The number of fraudulent issues I’ve seen over the decades is horrendous compared to the Financial Planning industry
This guy was an Accountant!
It pisses me off that media and by default the public lump these dodgy bastards into the trusted Financial Adviser arena when they are nothing of the sort.
Its a journalist trying to beat up their own story when there is no need to.
Tell it like it is for god sake.
IF only ASIC were as aggressive in their pursuit of crimes committed by the big players
I think he was banned in 2013 for 6 years. If he hasn’t become a registered adviser since then he would not show up as the register is only from 2015. He does show up on the disqualified person list.
Yes, headline should say ‘ACCOUNTANT’. Looks like the Tura Pub cost people (including SMSF’s and NAB) a few million.
I wonder if he would have passed the ethics test?
ICO = no jail time but home detention. People like this need to be away for lengthy jail time.
Mr Ellis (whiulst im sure is a bad person and deserves jail time) made the mistake of being registered as a Financial Planner as well as an accountant. It seems that bankers, Accountants, Real Estate Agents etc are allowed to steal and cheat and lie with impunity but as soon as they say they are financial advisers all the dodgy things they were doing for years suddenly becomes against the law.
The fact that no bankers got punished AT ALL (not even named and shamed) for money laundering, funding terrorism, chargiung fees for no service, rigging the exchange rate, pressuring doctors to change their diagnosis is an absolute joke.
Its sad that once all the financial advisers cease to exist due to regulation, copliance education we will not be able to go work for the banks as we have become accustomed to working in the best interests of our clients (not our share holders) and cannot easily change to the bank model which is slash and burn and sell the future for a quick buck now.
We would also fail the critical test in every bankers interview. “Would you ruin the lives of 1000 australians to increase our share price by 0.5%”
I can not see him on the ASIC advice register ? Correct me if I am wrong but how can he be a Financial Adviser if he is not on the Financial Advice Register ?
Not licensed in the period 2016 to 2018 (Existing Relevant Providers)
Wow, a second serious offence only gets an ICO???
Why did it take ASIC so long??