Convicted planner permanently banned
The Australian Securities and Investments Commission (ASIC) has permanently banned a former New South Wales Australian financial services license (AFSL) holder, Nicolai D'Lamartin, from providing financial services.
It came after D'Lamartin's previous convictions came to ASIC's attention during an investigation into the conduct of an AFSL holder in late 2015.
D'Lamartin was convicted of several counts of fraud and other related offences under the Crimes Act 1990 (NSW) in February 2014, including impersonating others and creating and using false documents to attain financial advantage, larceny, and holding and using other people's identification information.
He was convicted of three counts of fraud for impersonating another person to attain property belonging to someone else, 17 charges of fraud for impersonating another person to gain financial advantage, or misused cheques, online bank accounts or credit cards to gain financial advantaged, two charges of forgery for falsifying bank and other documents using others' names, with the intention of having someone else accept them as genuine, and one charge of dealing with property thought to be proceeds of crime, among other charges.
He was sentenced to three years' imprisonment beginning in November 2012, with a non-parole period of 20 months.
He may appeal his ban to the Administrative Appeals Tribunal for a review of ASIC's decision.
AUTHOR
Malavika Santhebennur
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
