The Australian Securities and Investments Commission (ASIC) has permanently banned Wayne Clifford McNamara, of Rostrevor South Australia, from giving investment advice or carrying on a securities business.

The banning follows an investigation by ASIC, whereby Mr McNamara pleaded guilty to 12 charges of defrauding a client of valuable securities worth $65,083, and 1 charge of fraudulently converting a cheque of $10,375 that belonged to another client, for his own use or benefit.

ASIC was alerted to Mr McNamara's activities after receiving information about his conduct from MLC Ltd, who was Mr McNamara's licensed securities dealer at the time.

Mr McNamara was sentenced to two years' imprisonment with a non-parole period of ten months.

Mr McNamara served one month of his imprisonment before being released on bail pending an appeal.

In November 2001, Mr McNamara's appeal was allowed. He was re-sentenced to imprisonment for 23 months with a non-parole period of 9 months, with the sentence being suspended on condition that Mr McNamara enter into a bond of $1,000, be of good behaviour for 2 years, and that he be on home detention for a period of 8 months from the date of entering the bond.

ASIC found that due to the serious nature of Mr McNamara's conduct, it was appropriate to make an order prohibiting Mr McNamara from giving investment advice or carrying on a securities business, for life.