Disgraced financial adviser Glenn Russell Evans has been handed a lifetime ban today.
ASIC has permanently banned Evans from providing financial services after he was jailed for fraudulent conduct that cost investors more than $1.6 million.
In May 2013, Evans was sentenced to five years jail with a non-parole period of three years and nine months.
An investigation by ASIC found the conduct happened while Evans was a director of Kismet Trading, which is now deregistered.
Between September 2002 and October 2008, Evans entered into contracts with individuals and self-managed superannuation funds to invest in listed Australian equities and derivatives.
Evans was found to have:
Failed to invest the money as agreed
Provided false trading and performance reports
Failed to repay the balance of the proceeds to the investors
Used clients' money as collateral for his personal trading account without their authorisation.
When sentencing Evans in May, Justice David Arnott SC said the man was “motivated by a combination of personal greed and ambition”.
He has the right to appeal to the Administrative Appeals Tribunal.