14/11/2018 - 14:32

Asic bans Perth adviser

14/11/2018 - 14:32

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A former Perth financial adviser has been permanently banned from providing financial services and credit activities, after he was convicted of stealing more than $100,000 from his clients.

Asic bans Perth adviser
ASIC has banned the former Perth adviser.

A former Perth financial adviser has been permanently banned from providing financial services and credit activities, after he was convicted of stealing more than $100,000 from his clients.

Craig James Wilson was convicted of four counts of stealing in the District Court in August, with the Australian Securities and Investment Commission today barring the former financial services representative from the industry.

Mr Wilson was employed by Balcatta-based Lifenet (WA) Financial Advice from 2010 as a corporate authorised representative and credit representative.

Between October 2017 and January this year, four of Mr Wilson’s clients received payments into their bank accounts from their superannuation funds.

Due to Mr Wilson’s planned actions, the clients received more than they had requested to be withdrawn.

The clients then asked for funds to be returned, at which point Mr Wilson transferred the money his own personal bank details, totalling $101,800.

“Asic banned Mr Wilson after he was convicted in August 2018, in separate proceedings in the District Court of Western Australia, of four counts of stealing as a servant,” the corporate watchdog said.

“Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, Asic may ban anyone who is convicted of fraud.

“Mr Wilson has the right to lodge an application for review of Asic's decision with the Administrative Appeals Tribunal.”

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