A West Australian man has been permanently banned from providing financial services.
The Australian Securities and Investments Commission (ASIC) enforced the ban after the man was prosecuted with 24 counts of fraud.
Jason William Cox of St James, Western Australia, was sentenced in January this year to 28 months’ imprisonment with parole as a result of the fraud charges.
A statement from the regulator said Cox fraudulently obtained funds from superannuation accounts totalling more than $185,000. ASIC described him as a ‘financial employee representative’.
ASIC said it has the power to ban a person from providing financial services if the person is convicted of fraud, with the regulator saying the offences committed by Cox constituted ‘serious fraud’ under the Corporations Act.
