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Wealthsure is running its own investigation on a former adviser banned by ASIC. Wealthsure Financial Services is conducting an internal investigation on former financial adviser and authorised representative Colin James Oberg.

ASIC yesterday permanently banned New South Wales-based Oberg for withdrawing $1.55 million of client funds between September 2007 and October 2008 without their authorisation or approval.

A Wealthsure spokesperson told InvestorDaily the company was unable to make any comment as it was conducting an internal review of the case.

It is unknown whether the group has reimbursed any lost investor funds or whether it will be taking action against Oberg.

According to Oberg, the funds were used for an overseas investment, which he placed through an associate he did not know.

He told ASIC he did not know the name of the overseas bank or institution where the funds were to be placed, did not have any documentation in relation to the arrangement and did not know how returns would be generated.

The corporate watchdog found his actions to be dishonest and was satisfied he was not a person of good fame and character. A permanent ban was therefore appropriate.

"There is no place in the financial industry for individuals who use client funds dishonestly and ASIC will act promptly to remove those who do," ASIC commissioner Peter Kell said.

ASIC was alerted to Oberg's conduct by Wealthsure in October 2010, by which time his authorised representative status was revoked.

He has the right to lodge an application with the Administrative Appeals Tribunal for a review of ASIC's decision.

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