ASIC announced that it has permanently banned Mr Craig James Wilson from providing financial services or engaging in credit activities. The move by the regulator comes after Mr Wilson was convicted in August of four counts of ‘stealing as a servant’ by the District Court of Western Australia.
ASIC said: “Between 25 October 2017 and 23 January 2018, four of Mr Wilson’s clients received payments into their bank accounts from their superannuation funds. Due to Mr Wilson’s planned actions, the clients received more than they had requested to be withdrawn. The clients then asked for funds to be returned. Mr Wilson provided his own personal bank details for the return of funds, totaling $101,800.”
“Since 2010, Mr Wilson was employed by Lifenet (WA) Financial Advice Pty Ltd, a corporate authorised representative and credit representative of Securitor Financial Group Ltd (Securitor).”
“Mr Wilson was also a credit representative (between July 2014 and November 2015) and an authorised representative (between June 2014 and March 2018) of Securitor.”
ASIC says it has the power under the Corporations Act 2001 and the National Consumer Credit Protection Act 2009 to ban anyone who is convicted of fraud.
Mr Wilson has the right to appeal ASIC’s decision to the Administrative Appeals Tribunal.