ASIC has permanently banned former Melbourne financial adviser, Mr David Lee Harwood from providing financial services.

Mr Harwood operated The Pension Specialists in Brighton, Victoria between 7 March 1990 and 8 December 2003 and was an authorised representative with Professional Investment Services Pty Ltd from 8 December 2003 to 6 December 2006.

ASIC found that between January 1991 and April 2005, Mr Harwood misappropriated approximately $459,000 from 20 elderly clients, with some of that money used to conceal previous misappropriations. Over $484,150 (principal and interest) has since been repaid.

ASIC also found that Mr Harwood created false documents for his clients or their representatives in order to conceal the misappropriations.

ASIC’s investigation into Mr Harwood’s conduct is ongoing and follows a breach notification received from Professional Investment Services.

Mr Harwood has a right to apply to the Administrative Appeals Tribunal for a review of ASIC’s banning order.