ASIC bans convicted adviser

In a statement released today, the Australian Securities and Investment Commission (ASIC) has revealed that former Bell Potter adviser Lawson Stuart Donald has received a permanent ban, in order to “maintain investor and consumer confidence in the financial system”.

On 26 April, Mr Donald received a two-year jail sentence, fully suspended upon entering a two-year good behaviour bond, after appearing in the Sydney District Court and pleading guilty to a charge of dishonest conduct.

Donald worked as a client adviser for the brokerage between 1 February 2003 and 21 April 2008. For three years he used his position as an employee to gain an “advantage for himself or someone else”, according to a previous ASIC statement.

The Commonwealth Director of Public Prosecutions appealed the sentence handed to Mr Donald on the basis that it is manifestly inadequate