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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.”