ASIC bans Sunshine Coast man
The Australian Securities and Investments Commission (ASIC) has permanently banned a former Professional Investment Services (PIS) adviser from providing financial services, with the man also being sentenced to six years imprisonment as a result of the conviction.
ASIC banned Christopher Polinelli of the Sunshine Coast from providing financial services after he was convicted in the Maroochydore District Court on a charge of fraud.
ASIC said the charge arose after Polinelli conducted an unauthorised transfer of $1.25 million from the superannuation account of one of his former clients to an offshore bank account under his control. Polinelli was not practicing as a financial planner at the time of the offence.
As a result of the conviction, Polinelli was sentenced to six years imprisonment, ASIC said.
The matter was brought to ASIC’s attention as part of PIS’ breach reporting process.
Since the reporting of this incident, PIS has worked with the superannuation fund to ensure all funds were returned to affected clients.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
