ASIC permanently bans NSW adviser
The Australian Securities and Investments Commission (ASIC) has permanently banned Nicholas Ellis who had been banned for six years in 2013 from providing financial services for dishonest conduct.
In October, 2019, Ellis was sentenced to three years imprisonment, to be served by way of an Intensive Correction Order, for fraud offences and following this conviction, ASIC decided to remove him permanently from the financial advice and credit industries.
He also pleaded guilty to making false or misleading statements to obtain money from clients and fraudulent misappropriation of client funds.
Ellis has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision, the corporate watchdog said.
AUTHOR
Oksana Patron
Recommended for you
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
ASIC was active in the first quarter of 2025 with several financial adviser bannings and court action, while the FSCP also handed down outcomes to advisers.
With a joint venture announced between WT Financial and Merchant Wealth Partners, the firm may have a US background, but partner David Haintz has a long history with Australian financial advice.
The big four bank is set to see $40 million per annum in cost savings as it continues to migrate customers from its Asgard wealth platform to BT Panorama by FY26.
