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.
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