ASIC permanently bans NSW adviser
The Australian Securities and Investments Commission (ASIC) has permanently banned Nicholas Ellis who had been banned for six years in 2013 from providing financial services for dishonest conduct.
In October, 2019, Ellis was sentenced to three years imprisonment, to be served by way of an Intensive Correction Order, for fraud offences and following this conviction, ASIC decided to remove him permanently from the financial advice and credit industries.
He also pleaded guilty to making false or misleading statements to obtain money from clients and fraudulent misappropriation of client funds.
Ellis has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision, the corporate watchdog said.
AUTHOR
Oksana Patron
Recommended for you
The corporate regulator has cancelled the AFSL of a Perth advice firm with the firm having previously seen its licence temporarily suspended in 2020.
Having proposed changes earlier this year, ASIC has clarified how it will support licensees with additional relief under the reportable situations regime.
AMP has partnered with BlackRock and research house Lonsec to provide a model portfolio capability on its North platform that offers “portfolio customisation at scale” to advice practices of all sizes.
Money Management rounds up actions ASIC took against advice individuals in the first half for FY25 from exam falsifications to dishonest conduct.
