The Australian Securities and Investments Commission (ASIC) has permanently banned Matthew David Palmer, of Sydney, from acting as a representative of a securities dealer or an investment adviser.

Mr Palmer is a director of Supadmin Pty Ltd, a business that offers administrative and compliance services to self-managed superannuation funds. Mr Palmer also held a proper authority from licensed securities dealer Bleakleys Limited between May 1999 and February 2000.

The ban follows an ASIC investigation that found Mr Palmer had provided false information to clients, misused client funds and abused his position of trust.

On three occasions Mr Palmer agreed to establish self-managed superannuation funds for his clients and to roll over their superannuation money into the funds, but on each occasion he failed to account for the money he received.

On a separate occasion Mr Palmer received $21,000 from a client with instructions to send it to an overseas destination. He provided the client with a form that confirmed the transfer, however the transfer did not take place and the form he gave to his client was forged.

'This man abused his position of trust and misused his clients' superannuation money. ASIC will not tolerate advisers who use their positions for their own gains, and we will take action against them', ASIC Director Enforcement, NSW, Allen Turton said.