ASIC has permanently banned Mr Brian William Veitch, of Minto in New South Wales, from providing financial services following an ASIC investigation which found that Mr Veitch had not complied with financial services law and that there was reason to believe that he would not comply with this law in the future.

Mr Veitch was an authorised representative of WealthSure Pty Ltd from 14 December 2005 to 23 February 2010.

ASIC alleged that between 23 October 2008 and 5 February 2010, Mr Veitch had not complied with financial services law in that he:

• engaged in dishonest conduct by transferring funds totalling approximately $500,000 from clients' accounts without their knowledge or authority for his own purpose, and

• engaged in misleading or deceptive conduct in relation to the provision of a false portfolio statement in order to deceive or mislead a client into believing that $300,000 was still in their account when in fact it was not.

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