Former NAB planner faces criminal charges
A former National Australia Bank financial planner is facing criminal charges for allegedly defrauding bank customers of more than $4.7 million over a seven-year period.
Paul Drakos, 53, appeared in the Downing Centre Local Court on 14 criminal charges brought by the Australian Securities and Investments Commission (ASIC).
Drakos faces eight counts of obtaining a financial advantage by deception, two counts of fraudulent misappropriation and four counts of making and using false documents.
Drakos was an authorised representative of the National Australia Bank (NAB) from October 1994 until August 2001, during which time the alleged crimes were committed.
An ASIC investigation allegedly found Drakos made recommendations to a number of NAB clients between 1997 and 2001 to invest in BSI Corp, an entity based in the Bahamas that was not a NAB approved investment product.
Drakos operated out of the Hornsby branch of the NAB, and his clients were mainly from the North Shore of Sydney and surrounding suburbs.
NAB has made restitution to most of Drakos’ former NAB 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 reappear in the Sydney District Court on October 28, 2005.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
