Former Bell Potter Securities adviser receives permanent ban for fraud
The Australian Securities and Investments Commission (ASIC) has permanently banned former Bell Potter Securities adviser Glenn Russell Evans from providing financial services after he was jailed for fraudulent conduct.
In May of this year Evans, of Leichhardt, NSW, had pleaded guilty in the Sydney District Court to 10 counts of fraud that cost investors more than $1.6 million and for which he was sentenced to five years jail with a non-parole period of three years and nine months.
ASIC claimed that while Evans was a director of Kismet Trading Pty Ltd he entered into contracts with individuals and self-managed superannuation funds to invest in listed Australian equities and derivatives.
The regulator found in its investigation that from September 2002 to October 2008, when Evans resigned from Bell Potter Securities, he failed to invest the money as agreed and provided false trading and performance reports.
He also failed to repay the balance of the proceeds to the investors, and on a number of occasions used clients' money as collateral for his personal trading account without their authorisation.
Evans has the right to appeal the banning to the Administrative Appeals Tribunal.
AUTHOR
Jason Spits
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