ASIC permanently bans financial services professional
The Australian Securities and Investments Commission (ASIC) has permanently banned Mark Steven Grevsmuhl from providing financial services due to multiple and serious fraud convictions, which included defrauding of $6 million.
Grevsmuhl was convicted of multiple counts of fraud by the Brisbane District Court in October 2015. Following this, he was sentenced to 13 and a half years' imprisonment for setting up fake superannuation investments and defrauding over 70 complainants of $6 million.
Additionally, he has been disqualified from acting as a director of a company until at least five years from the day he is released from prison.
Peter Kell, ASIC deputy chair, said: "Mr Grevsmuhl's serious misconduct has been addressed by the court and ASIC has taken steps to prevent him from ever having a role in the financial services or credit industry in Australia to protect consumers".
Grevsmuhl, who is currently imprisoned and who is eligible for parole not sooner than in April 2019, has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
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