ASIC has permanently banned a Victorian man from providing financial services and engaging in credit activities.
David Llewelyn Hicks was banned after he was found guilty and convicted of five counts of obtaining financial advantage by deception in the County Court of Victoria in December 2015, following a police investigation.
Hicks had established a purported investment scheme when he was not licensed to operate a financial services business, and made false representations about the use of investor funds, resulting in losses totalling $595,000, ASIC said.
“ASIC will act to remove people from the financial services and credit industries who act dishonestly and breach the trust of consumers,” ASIC deputy chairman Peter Kell said.
Hicks' ban took effect from 3 March 2016.
He was sentenced to six years' jail and ordered to serve at least four years before being eligible for parole.
[Related: Former broker pleads guilty to loan fraud]