ASIC permanently bans former financial adviser
The Australian Securities and Investment Commission (ASIC) has permanently banned former Victorian company director and financial adviser Nenad Petrovic after he dishonestly withdrew $200,000 from client accounts over a four-month period.
Petrovic was acting as director and financial advisor of boutique financial advisory firm Mitchell Asset Management when the breach occurred.
The firm reported his conduct and cooperated with ASIC's investigation, which found he had breached financial services laws by making unauthorised transfers from clients' Macquarie Cash Management Trust Accounts into his own personal bank account.
Mitchell Asset Management has reimbursed clients after they recovered $200,000 of the $208,000 in outstanding funds, which Petrovic had used to pay off personal debts and purchase shares.
Petrovic has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
AUTHOR
Staff Writer
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
