ASIC has permanently banned Mr Raymond John Ilott, of North Beach, Western Australia, from providing financial services.

Mr Ilott, 60, worked as an authorised representative of Kilcott Securities between 6 July 2001 and 29 January 2007. His authority was revoked in January 2007.

ASIC’s action follows an investigation which found Mr Ilott had been authorised by his client to invest money on her behalf but instead used the funds to satisfy personal debts.

ASIC banned Mr Ilott after forming the view that he is unlikely to comply with financial services laws in the future.

This matter was referred to ASIC by Kilcott Securites following a client complaint. Kilcott Securities has since repaid the client’s funds in full and terminated Mr Ilott’s employment.

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