The Australian Securities and Investments Commission (ASIC) has permanently banned a former authorised representative of insurance product distributor, National Adviser Services, from providing financial services or engaging in credit activity.
Linda Rae Whelan was banned after she was sentenced to imprisonment for fraud and stealing charges, brought by the Queensland Director of Public Prosecutions.
The charges related to conduct that occurred between 31 October, 2013 and 20 June, 2014, during which time Whelan misused her position as treasurer of an organisation by drawing cheques from its account, which she then cashed for her own use. This resulted in the organisation losing $33,419.11.
Brisbane District Court’s Judge Dick ordered Whelan to compensate the organisation of this amount.
Whelan was sentenced to two years and six months’ imprisonment in June 2016 (wholly suspended for three years), in the Brisbane District Court on one count of fraud and one count of stealing under two sections of the Queensland Criminal Code.
Whelan was an authorised representative of National Adviser Services until 3 August, 2016.
National Adviser Services holds an Australian financial services licence and distributes products nationally through a network of advisers and brokers acting as authorised representatives.
The case was prosecuted by the Queensland Director of Public Prosecutions.
