Accountant permanently banned by ASIC after misleading clients

Nicholas Ellis, of Valentine NSW, has been permanently banned by ASIC from providing financial services after he was found to have made misleading statements to obtain money from his clients.

In October 2019, Mr Ellis was sentenced to three years’ imprisonment for fraud offences, to be served by way of an Intensive Correction Order.

At the time, the former accountant and financial adviser pleaded guilty to making false or misleading statements to obtain money from clients and fraudulent misappropriation of client funds.

Following the conviction, ASIC pursued the banning order to remove Mr Ellis permanently from the financial advice and credit industries.

Mr Ellis has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

In 2013, ASIC previously banned Mr Ellis from providing financial services for six years for dishonest conduct in unrelated matters.