ASIC has permanently banned former finance broker, Malcolm Royce Jones, from providing financial services and engaging in credit activity after he was convicted of serious fraud offences.

In November 2013, Mr Jones pleaded guilty and was convicted in the District Court of South Australia of one count of aggravated deception and one count of aggravated dishonestly dealing with a document. The offences involved Mr Jones forging a memorandum of mortgage, which he used to defraud $170,000 from an investor.

Mr Jones was sentenced to imprisonment for two years and five months, with a 15 month non-parole period, on 10 September 2014.

ASIC Deputy Chairman Peter Kell said, 'People engaging in financial services and credit activities are expected to act with honesty and integrity. ASIC will ensure those engaged in fraud are removed from these industries.'

Mr Jones has the right to appeal to the Administrative Appeals Tribunal for review of ASIC's decision.