ASIC bans former adviser following imprisonment

Former authorised representative under National Adviser Services Linda Rae Whelan has been banned from providing financial services or engaging in credit activity after she was sentenced to imprisonment for fraud and stealing charges brought by the Queensland Director of Public Prosecutions, ASIC said in a statement.

The charges stemmed from conduct that occurred between 31 October 2013 and 20 June 2014, during which Ms Whelan misused her position as treasurer of an organisation by drawing cheques from the organisation's account, which Ms Whelan subsequently cashed for her own benefit, according to ASIC.

As a result of Ms Whelan's actions, the organisation lost $33,419.11.

As part of Ms Whelan's sentence, Judge Dick of the Brisbane District Court ordered that Ms Whelan pay the organisation $33,419.11 in compensation.

ASIC deputy chairman Peter Kell said, "Dishonesty by any financial advisor will not be tolerated by ASIC.

“We will take steps to remove financial advisors who have acted dishonestly from the financial services and credit industry in order to protect consumers.”