ASIC bans fraud ‘mastermind’

An Australian-born financial services consultant has been permanently banned following a conviction for his role in a £70 million fraud in the UK.

Jeffrey Revell-Reade, described by ASIC as a former “consultant to an FX broker” in Australia and a “mastermind” of a UK boiler room fraud scheme.

More than 1000 investors were snared in the scheme, according to ASIC.

“Mr Revell-Reade’s involvement in the serious fraud in the UK was motivated by greed and demonstrates a clear lack of integrity,” said ASIC commissioner John Price.

“ASIC’s ban protects Australian consumers. It will prevent him from ever working in financial services in Australia again.”

ASIC bans fraud ‘mastermind’
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