ASIC permanently bans former Linear AM employee
The corporate regulator has taken action against former Linear Asset Management team leader James Appadoo following his conviction for stealing $1 million.
ASIC said Mr Appadoo has been permanently banned from providing financial services following his conviction in the County Court of Victoria for the theft.
According to the regulator, Mr Appadoo used his position as team leader in the settlements department of Linear to steal $1 million from a client’s account by “falsely signing withdrawal slips and crediting his own bank accounts”.
Mr Appadoo admitted he had stolen the investor’s funds to repay a $700,000 debt he had acquired from gambling and failed investments, a statement from ASIC said.
Linear is the responsible entity of the registered managed investment scheme, Linear managed Accounts (LMA).
According to ASIC, Linear, as a platform provider for investment administration, has clients who collectively represent assets under management of over $50 billion.