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



Date nights under $50

ACCORDING to The Bachelor falling in love involves helicopter rides, private jets, shopping trips, and we mustn’t forget the hot tubs.

Brisbane's arts and culture events centre stage

You loved the film, now you're about to love the musical. Don't miss The Bodyguard The Musical in Brisbane this July.

THE arts and culture events you don't want to miss.

Homewares stores to fulfil your Instagram dreams

No Caption

You too can become an Insta-star with these fab stores.

Top 10 Brisbane experiences to cross off your bucket list

Do yourself a favour and get amongst the food truck scene. Eat Street is a great place to start.

A GOOD bucket list doesn’t have to span continents or cost millions.

Six mega sporting events you need to be at this year

Don't miss all the action trackside this season.

IF THERE is one thing Brisbane does damn well, it’s play host.

Insider’s guide to the best rooftop bars

Eleven Rooftop Bar is one to put on your hit list.

SEE the world from a different perspective...

Where to get your hands on the best wings

Try out these bad boys at Buffalo Bar.

IS THERE anything better than a wicked bowl of chicken wings? Nope.

What would you do, go for a local company or cheaper quote?

Paulette and Owen Lindley with their crew in just one of the grounds they maintain on a volunteer basis.

Debate over going local or going cheaper

'Game on': Tensions rise over regional link road development

Agnes Water residents show their displeasure.

Bulge in Gladstone man's pants tips off police

Police attending incident at the Young Australian Hotel. 
Photo Luka Kauzlaric / The Observer

He was caught multiple times with a suspicious bulge in his pants.

Local Partners

Better phone service for Gladstone's regional towns

Telstra: "This technology is delivering big benefits to these rural and regional communities”


Win a $1000

GROCERY GIFT CARD!
Learn More

What to expect at Birds of Tokyo's Ipswich gig

The band will perform at the Racehorse Hotel on Friday.

BAND member Glen Sarangapany talks music, pub grub and doing shoeys

What public holidays are left in 2017

Ipswich residents will get the day off tomorrow for the show.

IPSWICH residents will get tomorrow off for the show

Caitlyn comes home to launch debut album

Gympie's Caitlyn Shadbolt will launch here debut album Songs On My Sleeve at an exclusive all-ages concert in Gympie on Friday, May 26.

Win tickets to Caitlyn's album launch

Concert death toll revised up to 22, tour suspended

TWENTY-TWO people have been killed and at least 59 people have been injured following a terror attack in Manchester

Casual Keanu says fame is ‘cool’

Keanu Reeves in a scene from the movie John Wick: Chapter 2.

NOBODY expected much of John Wick when it was released in 2014.

Ariana Grande breaks her silence after fatal blast

According to reports quoting witnesses, a mass emergency evacuation was prompted after explosions were heard at the end of US singer Ariana Grande's concert in the arena.

The entertainment industry is in shock after attack on concert

Pitch Perfect star suing Woman’s Day over ‘liar’ articles

Actor Rebel Wilson outside court on Friday.

REBEL Wilson's career destroyed by grubby campaign, court hears.

Seven Year Switch: The boner to end all boners

Johnny’s outraged over claims he has a cracked boner.

She gulps. Her face says it all.

Bay to star in Hollywood shark thriller ‘Cage Dive’

Cage Dive, written and directed by Gerald Rascionato, is now screening in the United States of America. It had scenes filmed in Hervey Bay.

And our visiting humpback whales also make appearance.

Celebrity sex tapes: Where does all that money go?

Basically, did Paris and Kim earn fortunes from their videos?

One of Maryborough's most historic homes is still for sale

FULL OF HISTORY: Trisha Moulds is owner of the historic Tinana state known as Rosehill. The beautiful home is currently for sale.

It has been the scene of both joy and tragedies over the years.

New tool reveals which areas are most 'vulnerable' for renters

An aerial shot of Agnes Water main beach. According to new information, people renting in the region are more vulnerable than those in Gladstone suburbs.

Big differences between living in Gladstone and outer areas

The face of the Sunshine Coast's overpriced rental crisis

Alyx Wilson had to rent a $385 unit in Currimundi because the market was too competitive for cheaper rental housing. She is now renting a room from friends who own a house in Currimundi, and says its much more affordable.

Young people feel the strain in competitive, expensive rental market

Ready to SELL your property?

Post Your Ad Here!