Former Bell Potter Securities adviser receives permanent ban for fraud
The Australian Securities and Investments Commission (ASIC) has permanently banned former Bell Potter Securities adviser Glenn Russell Evans from providing financial services after he was jailed for fraudulent conduct.
In May of this year Evans, of Leichhardt, NSW, had pleaded guilty in the Sydney District Court to 10 counts of fraud that cost investors more than $1.6 million and for which he was sentenced to five years jail with a non-parole period of three years and nine months.
ASIC claimed that while Evans was a director of Kismet Trading Pty Ltd he entered into contracts with individuals and self-managed superannuation funds to invest in listed Australian equities and derivatives.
The regulator found in its investigation that from September 2002 to October 2008, when Evans resigned from Bell Potter Securities, he failed to invest the money as agreed and provided false trading and performance reports.
He also failed to repay the balance of the proceeds to the investors, and on a number of occasions used clients' money as collateral for his personal trading account without their authorisation.
Evans has the right to appeal the banning to the Administrative Appeals Tribunal.
Recommended for you
The popularity of ETFs, which are approaching $200 billion in Australia, is a potential threat to the advice landscape if consumers opt to invest directly, according to this senior partner.
A former AMP financial adviser has urged advisers in the BOLR class action against AMP to object to the “unfair and unreasonable” $100 million settlement sum as the objection deadline approaches on 22 May.
Two Victoria-based financial advice practices have merged and rebranded as Forbes Fava Saville Financial Planning, as the firm realises the benefits of added scale.
The Financial Services and Credit Panel has made its latest ruling over a case involving an incorrect Statement of Advice.
