A former Northern Territory financial adviser has received a seven-year ban from ASIC, with his non-parole period for a drug conviction set to expire in January next year.
ASIC has banned Northern Territory-based financial adviser Harris John Kohu Shortland following his conviction of supplying dangerous drugs, namely cocaine, and receiving or possessing the proceeds of their sale.
On 16 December 2021, Shortland was convicted of supplying dangerous drugs and receiving or possessing the proceeds of their sale. He was sentenced to six-and-a-half years of imprisonment, and his non-parole period expires in January 2026.
At the time he committed the offences, he was a shareholder, director and responsible manager of HJ Shortland & Co Wealth Management (HJS) in Alice Springs, where he worked as a financial adviser. HJS ceased trading due to Shortland’s imprisonment, and its licence was suspended in 2022 and then cancelled in 2024.
“Under the Corporations Act, ASIC may ban a person from providing financial services if ASIC has reason to believe that the person is not a fit and proper person to provide one or more financial services,” the regulator said.
“ASIC is satisfied that banning Mr Shortland will uphold investor and consumer confidence generally in the financial services industry and encourage professionalism among other industry participants by deterring them from similar misconduct.”
Shortland is banned for seven years, effective 4 March 2025, from providing any financial services; controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business; and performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in some other capacity).
According to ASIC, Shortland had been involved in the financial services industry for more than 15 years.
The banning has been recorded on ASIC’s banned and disqualified register, and Shortland has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
