Former NSW adviser banned following conviction
BREAKING ASIC has permanently banned a former NSW-based financial adviser following their conviction for fraud offences.
Nicholas Ellis of Valentine, NSW, was banned after he pleaded guilty to making false or misleading statements to obtain money from clients and fraudulent misappropriation of client funds. Mr Ellis was sentenced to three years’ imprisonment for the offences, to be served by way of an intensive correction order.
Mr Ellis admitted to fraudulently misappropriating approximately $562,000 of client funds received by Tura Pty Limited, of which some of the funds were used to buy a house in Manly, NSW.
“Mr Ellis was a trusted financial adviser and accountant, who misled his clients and misused their funds for the benefit of his own business. Accountants and financial advisers are in a position of trust,” said ASIC commissioner Danielle Press at the time of the conviction.
“As demonstrated in this case, ASIC is prepared to take criminal action where trusted advisers misappropriate clients’ money.”
In 2013, ASIC previously banned Mr Ellis from providing financial advice for six years for dishonest conduct in unrelated matters.
Mr Ellis has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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