A former Wealthsure financial adviser has been permanently banned from providing financial services after misappropriating $500,000 of clients' funds.
Brian William Veitch of Minto in New South Wales has been banned by ASIC after an investigation found he had not complied with financial services law.
The corporate regulator's investigation also found there was reason to believe that Veitch would not comply with the law in the future.
Veitch was an authorised representative of WealthSure from 14 December 2005 to 23 February 2010.
ASIC said that between 23 October 2008 and 5 February 2010, he had not complied with financial services law by engaging in dishonest conduct by transferring $500,000 from clients' accounts without their knowledge or authority for his own purpose.
It has also been alleged that Veitch engaged in misleading or deceptive conduct in relation to the provision of a false portfolio statement in order to deceive or mislead a client into believing that $300,000 was still in their account when in fact it was not.
Veitch has the right to apply to the Administrative Appeals Tribunal for a review of ASIC's decision.
