ASIC has permanently banned Mr Justin Robert Fraser, of Wellington Point, Queensland, after an investigation found he had misappropriated money owed to his employer.

Mr Fraser was an authorised representative of Bridges Financial Services Pty Ltd (Bridges) between 18 August 2005 and 30 May 2008.

Between 12 April 2006 and 2 May 2008, ASIC found Mr Fraser misappropriated fees that were due to Bridges and created false invoices to hide his dishonesty. Bridges’ alerted ASIC to Mr Fraser’s conduct, although none of their clients were adversely affected.

ASIC banned Mr Fraser to protect the public, deter similar conduct and maintain consumer confidence in the financial services sector.

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

Editor's note:

Mr Fraser sought a review by the Administrative Appeals Tribunal (AAT) of ASIC's decision to permanently ban him. On 23 December 2011, the AAT reduced Mr Fraser’s ban to six months, effective from 27 June 2011.