Former NAB adviser in court on fraud charges
A former National Australia Bank (NAB) authorised representative from the New South Wales Central Coast has been charged with eight counts of obtaining a financial advantage by deception, two counts of fraudulent misappropriation, and four counts of making and using false documents.
Paul Drakos, who worked as an authorised representative for NAB from October 1994 until August 2001, appeared in the Downing Centre local court last week and was ordered to face a committal hearing on 14 criminal charges brought by the Australian Securities and Investments Commission (ASIC).
An ASIC investigation found that between 1997 and 2001, Drakos had made recommendations to a number of his former NAB clients to invest in BSI Corp, an entity based in the Bahamas. BSI Corp was not an NAB-approved investment product. Investments valued at more than $4.7 million were lost.
NAB has made restitution to most of Drakos’ former clients who lost their investments.
ASIC permanently banned Drakos from acting as a representative of a dealer or investment adviser in January 2004.
Drakos will face a committal hearing in the Downing Centre local court on October 19, 2005.
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