The securities watchdog has brought charges against three men in two separate cases of alleged misconduct for carrying on financial services businesses inappropriately.
The Australian Securities and Investments Commission (ASIC) permanently banned Western Australian man Raymond John Ilott, who worked as an authorised representative of Kilcott Securities between July 2001 and January 2007.
ASIC alleged that Ilott had been authorised by his client to invest money on her behalf, but instead used the funds to satisfy personal debts.
In a separate case, Victorian man Christopher Woolgrove and Lawrence Phillips, a resident of New Zealand, each face one charge of operating an unregistered managed investment scheme, the Hatcher Unit Trust, between October 2001 and February 2004.
The two men faced the Brisbane Magistrates Court on Monday and pleaded guilty to the charge, which was brought by ASIC and the Australian Federal Police.
Woolgrove and Phillips were bailed to appear in the Brisbane Court for sentencing on June 4, 2008, while Ilott has the right to appeal ASIC’s ban.
