ASIC bans Aussie behind £70m UK fraud
Jailed foreign exchange trader, Jeffery Revell-Reade, has been permanently banned from providing financial services in Australia, after being convicted of a £70 million fraud in the UK.
The Australian Securities and Investments Commission (ASIC) announced the ban today, following Revell-Reade's conviction in June last year.
ASIC described Revell-Reade as "the mastermind of the boiler room fraud scheme which snared more than 1000 investors".
ASIC Commissioner, John Price, said "Revell-Reade's involvement in the serious fraud in the UK was motivated by greed and demonstrates a clear lack of integrity".
"ASIC's ban protects Australian Consumers," he said. "It will prevent him from ever working in financial services again."
Revell-Reade is currently serving a jail sentence of nine and a half years in relation to the fraud.
AUTHOR
Nicholas O'Donoghue
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