News

Former Gladstone financial adviser banned for life

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.
 

YOU MIGHT ALSO LIKE:

Mum-of-seven went on stolen credit card shopping spree

Centrelink cheat in court for $12,000 fraud


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.

 

Topics:  asic, financial advice



WATCH: Gladstone crabber losing livelihood to theives

Alan Grayson is furious with the ongoing thefts of crabs and pots in the region.

GLADSTONE crabber warns off fish and pot thieves in Boyne waterways.

31-year-old man dies in 'tragic' Bruce Hwy smash

Emergency services at the scene of a fatal two-vehicle crash involving a car and a truck at the Bruce Hwy at Benaraby.

A 32-year-old man has died in a fatal crash on the Bruce Hwy.

Local Partners

Cliff Richard to release 101st album

Sir Cliff Richard's album cover

Sir Cliff Richard is to release his 101st album

CMC Rocks faces fan backlash over date change, headliners

The 10th annual CMC Rocks festival will be headlined by The Dixie Chicks.

FANS are not happy about festival being pushed back by two weeks.

Kim Kardashian West attacked by man trying to kiss her bottom

Vitalii Sediuk targeted Gigi Hadid last week

Madonna poses naked in solidarity with Katy Perry

Madonna posted her own nude selfie on Instagram

Carlos Santana added to Bluesfest 2017 line up

Carlos Santana at Bluesfest 2013.

Calling all local black magic women

Disney to remake 'The Lion King', and it's live-action

The Lion King is coming back to movie theatres

And this time it's going to be live-action.

$40million hotel, shops development project for Mackay

Mt Pleasant hotel and retirement accommodation, proposed at 194-202 Malcomson St.

$40m development to take Mackay to 'the next level'

'Flex muscles': Gladstone suburb drops $120K

BUYERS are scooping unprecedented deals by “flexing their muscles at the table”

Few bright lights for property after mining downturn

The Gladstone Regional Council wants associated LNG companies like Bechtel to be apart of the EIS housing accommodation strategy from the outset of the projects and not mid-way through.

Tannum Sands continues to write its own property success story

Property 200m from ocean selling for just over $100K

BEACHCOMBER PARK: Work has started on a new $19.2 million development at Toogoom.

The estate's developer is offering huge discounts for early buyers.

UPDATE: Former rodeo champ's sale rained out, now back on

Larkhill local Ken Consiglio is having an auction of most of the things on his property.

'People kept showing up and we had to turn them away'

Market opens as Gladstone sellers drop prices to force sale

VENDORS are dropping the price on houses to force a sale.