A FORMER Gladstone financial planner has been permanently banned from providing financial services.
Lewis Fellowes, a former president of the Rotary Club of Gladstone, now of Darch, Western Australia, was banned after the Australian Securities and Investments Commission found he had engaged in dishonest conduct and in misleading or deceptive conduct in relation to six clients between July 2008 to July 2010.
Mr Fellowes transferred more than $480,000 of client funds from their margin lending accounts into his personal account and that of his wife without the knowledge or authorisation of those clients.
Mr Fellowes also transferred $1,000,000 from a client's bank account to his own.
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He provided financial advice from 1995 until 2009 in Gladstone, while manager of Patersons Securities Limited.
In 2010 he moved to Perth and continued to provide financial services.
A statement from ASIC noted that the government financial regulator had found that Mr Fellowes is not of good fame and character within the meaning of section 920A(1)(d) of the Corporations Act.
"This is an example of ASIC cracking down on inappropriate behaviour by financial advisers," commissioner John Price said.
"ASIC will act to remove those financial advisers from the industry who engage in dishonest conduct."
Mr Fellowes has the right to appeal to the Administrative Appeals Tribunal for review of ASIC's decision.