ASIC has permanently banned a former Patersons Securities adviser for misleading or deceptive conduct, including transferring $1 million from a client’s bank account.
Lewis Fellowes was banned after ASIC found he had engaged in misleading or deceptive conduct in relation to six clients over July 2008 to July 2010, according to a statement from ASIC.
“Mr Fellowes transferred more than $480,000 of client funds from their margin lending accounts into his personal account and that of his wife without the knowledge or authorisation of those clients,” the statement said.
“Mr Fellowes also transferred $1,000,000 from a client's bank account to his own.”
According to ASIC, Mr Fellowes provided financial advice for Tolhurst in Gladstone from 1995 until 2009.
Following a merger between Tolhurst and Patersons, Mr Fellowes became branch manager of Patersons Gladstone before moving to Perth in 2010 and taking on the role of Paterson’s WA manager of retail operations.
ASIC’s investigation was prompted by a voluntary report submitted to ASIC by Patersons suggesting Mr Fellowes had engaged in misconduct beginning at his former role at Tolhurst.
“Mr Fellowes subsequently returned the funds to his former clients,” the statement said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 22 Feb 2019KeyInvest reduces administration feeBy Reporter
- 22 Feb 2019ASIC praises new whistleblower lawsBy James Mitchell
- 22 Feb 2019AFA scorns Labor plan to end grandfatheringBy Adrian Flores
- 21 Feb 2019Paragem appoints new general managerBy Eliot Hastie
- 21 Feb 2019CountPlus announces $2.6m profit, makes key acquisitionBy Adrian Flores
- 21 Feb 2019NAB CEO given $1m payoutBy Sarah Simpkins
- view all