The regulator found that Ricky David Gillespie, of Southport, Queensland failed to comply with financial services laws.
The investigation found that during 2008 and 2009, senior financial planner Mr Gillespie forged client signatures on documents such as a direct debit request, transaction without advice documents, confidential fact finder and financial services guide receipts.
ASIC also found that Mr Gillespie created falsified notes, engaged in misleading and deceptive conduct in issuing financial product information in the form of a marketing letter which contained representations that were false or misleading.
Additionally, he provided advice to a client that was not appropriate in the circumstances, and charged excessive fees.
"ASIC considers Mr Gillespie's conduct to be serious. Mr Gillespie's wrongdoing was not an isolated incident," ASIC commissioner Peter Kell said.
"Instead Mr Gillespie engaged in a series of conscious and deliberate acts designed to disguise and conceal his non-compliance with statutory requirements and policies put in place by CFPL.
"ASIC will continue to take action and remove advisers who breach community trust," he said.
The move follows enforcement action against other former-CFPL financial advisers, Don Nguyen, Simon Christopher Baker, Anthony Awkar, Jane Duncan, and Joe Chan.
On 25 October 2011, ASIC accepted an enforceable undertaking from CFPL requiring them to review their risk management framework and address deficiencies.
The majority of Mr Gillespie's impacted clients have already been compensated by CFPL.
Mr Gillespie has appealed to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision.
An order made by the AAT staying ASIC's decision was lifted following a hearing by the AAT on 8 November 2012.
