The Australian Securities and Investments Commission (ASIC) has permanently banned Mr Kym Andrew Sellers, of Morphettville, South Australia, from providing financial services.

Mr Sellers, 32, who was employed by Taylor Collison Limited as a Designated Trading Representative, sold clients’ shares without their knowledge to obtain the proceeds of the sale for his own personal use.

ASIC alleged Mr Sellers used share trading accounts set up in the name of a friend to transfer and sell overseas shares that were held on trust by Taylor Collison, without any authorisation from Taylor Collison or the clients for whom they were held.

Twelve clients of Taylor Collison were affected by Mr Sellers’ actions.

Taylor Collison notified ASIC of the breach by Mr Sellers and repurchased the shares sold by Mr Sellers at a cost of $492,183.67.

Mr Sellers left Taylor Collision in October 2007 after his conduct was discovered.

ASIC permanently banned Mr Sellers after deciding he was unlikely to comply with financial services laws in the future.

Mr Sellers has the right to lodge an application for a review of ASIC’s decision with the Administrative Appeals Tribunal.

[This media release was amended on 6 April 2018 in accordance with ASIC policy - see INFO 152 Public comment on ASIC's regulatory activities.]