ASIC permanently bans former NAB adviser

The corporate regulator has announced it has permanently banned a former NAB financial adviser for misappropriating more than $2 million to fund “an extravagant lifestyle”.

In a statement today, ASIC said it banned Patrick Simon Mitchell from providing financial services. Mr Mitchell was convicted in March 2017 of 25 counts of stealing in the Supreme Court of Tasmania.

He was sentenced to eight years in jail and will be eligible for parole after serving five years, ASIC said.

The charges relate to Mr Mitchell misappropriating $2.3 million from a client of his financial services practice to fund an extravagant lifestyle. His conduct occurred over a period of four years.

He was an authorised representative of a NAB subsidiary during the majority of that time, ASIC said. The statement does not name the subsidiary.

ASIC deputy chairman Peter Kell said, "ASIC will act to remove people from the financial services industry who act dishonestly and breach the trust of their clients." 

The banning is effective from 26 May 2017. ASIC said it has the power to permanently ban a person from providing financial services without a hearing if the person is convicted of "serious fraud", such as stealing. 

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