By Rebecca Evans
The Australian Securitiesand Investments Commission (ASIC) has banned a Melbourne-based financial adviser for two years after deeming previous fraud convictions, while not related to the provision of financial services, were sufficient to question the defendant’s ongoing ability to comply with financial services law.
Lance Charles Pitt was convicted of seven offences committed between September 1997 and November 1998 relating to theft and obtaining property by deception. As a result, he was fined $5,000 and ordered to pay $23,963 by way of compensation.
Pitt appeared in the Melbourne Magistrates Court on February 28, 2000, charged with, and found guilty of, six breaches of the Crimes Act involving theft, obtaining property by deception and attempting to commit an indictable offence. He was also found guilty of one count of breaching the Summary of Offences Act, relating to making a false report to the police.
