BREAKING NEWS: Jailed adviser slapped with lifetime ban

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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.

  • Keith L. on 12/11/2013 7:24:46 PM

    Yes Merv, I agree entirely. These criminals may steal millions from their clients but falsify a BID statement or fail to disclose a fee or a cost? Not likely! By introducing this legislation Bill Shorten has sanitised the industry and of course there will be no such instances in the future.

  • Alan on 12/11/2013 4:40:01 PM

    Love your cynicism Merv! So this is why ASIC is generating a fear and intimidation campaign; because we are all bad little boys and girls out there just waiting to pounce on unsuspecting and gullible members of society. For goodnes sake, you get a few idiots and scoundrels out of 16,000+ and we are all tainted with the same brush. Well as much as they might not trust me, I don't trust them.

  • Rod on 12/11/2013 2:57:07 PM

    Well said Merv, Bill who these people have no idea what goes on in the real world as the have never WORKED in it . I emphasise the word Worked as they have never held a real occupation , what a disgrace

  • Merv Gay on 12/11/2013 1:40:32 PM

    Oh Gee. If only he'd signed Bill Shorten's proposed "Client's Best Interest Form" he wouldn't have stolen anything. Then there's the Fee Disclosure Statement. That would have slowed this criminal down too. Please Bill, come back.....

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