A Queensland financial adviser has been permanently banned by ASIC after being found guilty of misappropriating $1.8 million from his clients.
Lachlan John King was convicted of stealing the funds from his clients, which included family members, while working as a financial planner.
King was the director and secretary of Veeman Pty from August 2009 until the company was deregistered in January 2021. He also held authorised representative (AR) roles at Genesys Wealth Advisers between 30 June 2005 and 29 May 2015; Magnitude Group between 1 June 2015 and 22 March 2019; and Australian Finance Group between 3 July 2015 and 21 August 2018.
Between February 2012 and March 2019, ASIC said King misappropriated a total of $1,797,493.66 from eight clients while working as a financial planner and being entrusted with the financial management of multiple clients.
On 14 May 2024, he was convicted of two counts of fraud under s408C of the Queensland Criminal Code and was sentenced to five and eight years of imprisonment with the sentences being served concurrently. He will be eligible for parole on 14 August 2026, and his ASIC banning took effect from 5 February 2025.
King has been banned permanently from:
- Providing any financial services.
- Controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business.
- Performing any function involved in the carrying on of a financial services business.
- Engaging in any credit activities.
- Controlling, whether alone or in concert with one or more other entities, another person who engages in credit activities.
- Performing any function involved in the engaging in of credit activities.
He has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision. The decision has been recorded on ASIC’s banned and disqualified register.
