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
Recommended for you
Shaw and Partners’ new national head of private wealth believes the biggest challenge for financial advisers right now is being able to deliver efficient advice delivery amid a complex regulatory environment and growing investment universe.
Global equity manager Orbis Investments has appointed a head of marketing from Capital Group as it becomes the latest manager to target advised retail investors.
While Australia prepares for the $3.5 trillion intergenerational wealth transfer, a Wilsons Advisory report suggests the ongoing gender imbalance in the advice profession could prove a challenge to this process.
Danielle Press, a former ASIC commissioner, is to chair a new AFSL committee set up by Sequoia which seeks to improve governance practices and review its approved product lists.
