ASIC bans financial services representative

ASIC has permanently banned a Perth-based financial services representative from providing financial services and engaging in credit activities.

ASIC has banned Craig James Wilson from the industry after he was convicted by the District Court of Western Australia of four counts of stealing.

The court found that between October 2017 and January 2018, four of Wilson’s clients received payments into their bank accounts from their super funds.

The clients received more from the funds than they had requested and when they asked for the funds to be returned, Wilson provided his own bank details for a return of funds totalling $101,800.

Wilson was employed by Lifenet Financial Advice, a corporate authorised representative and credit representative of Securitor Financial Group, since 2010.

Wilson was also a credit representative of Securitor in those years and was an authorised representative for Securitor between June 2014 and March 2018 when the actions took place.

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ASIC has banned Wilson after he was convicted in August on four counts of stealing as a servant and, under the Corporations Act, ASIC may ban anyone convicted of fraud.

ASIC bans financial services representative
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Eliot Hastie

Eliot Hastie

Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms. 

Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.

Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).

You can email him on: [email protected]

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