The Australian Securities and Investments Commission (ASIC) has permanently banned a former Professional Investment Services (PIS) adviser from providing financial services, with the man also being sentenced to six years imprisonment as a result of the conviction.
ASIC banned Christopher Polinelli of the Sunshine Coast from providing financial services after he was convicted in the Maroochydore District Court on a charge of fraud.
ASIC said the charge arose after Polinelli conducted an unauthorised transfer of $1.25 million from the superannuation account of one of his former clients to an offshore bank account under his control. Polinelli was not practicing as a financial planner at the time of the offence.
As a result of the conviction, Polinelli was sentenced to six years imprisonment, ASIC said.
The matter was brought to ASIC’s attention as part of PIS’ breach reporting process.
Since the reporting of this incident, PIS has worked with the superannuation fund to ensure all funds were returned to affected clients.
