ASIC permanently bans former financial adviser
The Australian Securities and Investment Commission (ASIC) has permanently banned former Victorian company director and financial adviser Nenad Petrovic after he dishonestly withdrew $200,000 from client accounts over a four-month period.
Petrovic was acting as director and financial advisor of boutique financial advisory firm Mitchell Asset Management when the breach occurred.
The firm reported his conduct and cooperated with ASIC's investigation, which found he had breached financial services laws by making unauthorised transfers from clients' Macquarie Cash Management Trust Accounts into his own personal bank account.
Mitchell Asset Management has reimbursed clients after they recovered $200,000 of the $208,000 in outstanding funds, which Petrovic had used to pay off personal debts and purchase shares.
Petrovic has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
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