ASIC has permanently banned Mr Nenad Petrovic, a former Victorian company director, from providing financial services after he dishonestly withdrew more than $200,000 from client accounts over a four-month period.

The action against Mr Petrovic, now of Brisbane, follows an ASIC investigation into his time as a director and financial adviser of the boutique financial advisory firm, Mitchell Asset Management Pty Ltd, AFS licence number 320019 (formerly Almane Pty Ltd) between 16 November 2009 and 30 March 2010.

ASIC’s investigation found that in the four-month period, Mr Petrovic acted dishonestly and in breach of financial services laws when he made unauthorised transfers of client money from their Macquarie Cash Management Trust accounts to his own bank accounts. The amount totalling $208,688 was used to pay off personal debts and to purchase shares in Mr Petrovic’s name.

ASIC Commissioner, Peter Kell, said ASIC would act to remove dishonest operators from the financial services industry to improve overall standards and maintain the confidence of the investing public.

Background

Mitchell Asset Management Pty Ltd has recovered $200,000 of the outstanding funds from Mr Petrovic and clients have been reimbursed.

Mr Petrovic’s conduct was brought to ASIC’s attention by Mitchell Asset Management, who cooperated with ASIC’s investigation.

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