Clicky

Former financial services rep banned for stealing

The Australian Securities and Investments Commission (ASIC) has banned former financial services representative, Craig James Wilson, providing financial services following a Court conviction for four counts of stealing earlier this year.

Wilson employed by Lifenet Financial Advice, a corporate authorised representative and credit representative of Securitor Financial Group, from 2010, and was also a credit representative and an authorised representative of Securitor.

Wilson was convicted in the District Court of Western Australia after four clients between October 2017 and January 2018 received a total of $101,800 into their bank accounts from their superannuation funds, which, due to Wilson’s actions, was more than they had requested to be withdrawn.

When the clients asked for the funds to be returned, Wilson provided his personal bank details for the refund.




Related Content

ASIC to sharpen IDR requirements

Fewer than half of people who unsuccessfully sought to use internal dispute resolution (IDR) procedures with financial services firms actually receive...Read more

Commercial lender rails against possible LRBA ban

While growth in the use of limited recourse borrowing arrangements (LRBAs) within self-managed super funds (SMSFs) has been strong, alongside the pres...Read more

Planning licensees amongst biggest ASIC funders

Financial planning licensees will be amongst those paying the most to fund the Australian Securities and Investments Commission (ASIC), according to i...Read more

Author

Comments

Add new comment