Convicted planner permanently banned
The Australian Securities and Investments Commission (ASIC) has permanently banned a former New South Wales Australian financial services license (AFSL) holder, Nicolai D'Lamartin, from providing financial services.
It came after D'Lamartin's previous convictions came to ASIC's attention during an investigation into the conduct of an AFSL holder in late 2015.
D'Lamartin was convicted of several counts of fraud and other related offences under the Crimes Act 1990 (NSW) in February 2014, including impersonating others and creating and using false documents to attain financial advantage, larceny, and holding and using other people's identification information.
He was convicted of three counts of fraud for impersonating another person to attain property belonging to someone else, 17 charges of fraud for impersonating another person to gain financial advantage, or misused cheques, online bank accounts or credit cards to gain financial advantaged, two charges of forgery for falsifying bank and other documents using others' names, with the intention of having someone else accept them as genuine, and one charge of dealing with property thought to be proceeds of crime, among other charges.
He was sentenced to three years' imprisonment beginning in November 2012, with a non-parole period of 20 months.
He may appeal his ban to the Administrative Appeals Tribunal for a review of ASIC's decision.
AUTHOR
Malavika Santhebennur
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
