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.