ASIC bans convicted fraudster
A team leader within a platform provider's settlement department has been permanently banned from providing financial services after being convicted of theft.
The Australian Securities and Investments Commission (ASIC) announced it had permanently banned James Appadoo from providing financial services after he was convicted in the County Court of Victoria on one charge of theft of $1 million.
Appadoo, was employed as a team leader in the settlements department of Linear Asset Management, and used his position to steal $1 million from a client's account, by falsely signing withdrawal slips and crediting his own bank accounts.
ASIC revealed that Appadoo had admitted:
- That he owed approximately 25 people substantial amounts of money;
- The debt he owed was approximately $700,000 which he had acquired from gambling and failed investments;
- That he had stolen the investors' funds to repay a $700,000 debt he acquired from gambling and failed investments over the years; and
- That he paid off all the people he owed money to and gambled the remainder amount on Tattslotto.
AUTHOR
Nicholas O'Donoghue
Recommended for you
Distribution of private credit funds through advised channels to retail investors will be an ASIC priority for 2026 as it releases the results of its thematic fund surveillance and guidance for research houses.
State Street Investment Management has taken a minority stake in private market secondaries manager Coller Capital with the pair set to collaborate on broaden each firm’s reach and drive innovation.
BlackRock Australia plans to launch a Bitcoin ETF later this month, wrapping the firm’s US-listed version which is US$85 billion in size.
Global year-to-date inflows into active ETFs are 87 per cent higher than the same time a year ago at US$447.7 billion.
