ASIC has permanently banned David Llewelyn Hicks from providing any financial services and engaging in any credit activities. 

Mr Hicks was banned after being found guilty and convicted of five counts of obtaining financial advantage by deception in the County Court of Victoria in December 2015, following a Victoria Police investigation. Mr Hicks was sentenced to six years jail and ordered to serve at least four years before being eligible for parole.  

The charges related to Mr Hicks establishing a purported investment scheme, when he was not licensed to operate a financial services business, and making  false representations about the use of investor funds, resulting in losses totalling $595,000.

ASIC Deputy Chairman Peter Kell said, 'ASIC will act to remove people from the financial services and credit industries who act dishonestly and breach the trust of consumers'.

ASIC has permanently banned Mr Hicks from providing financial services or engaging in credit activities on the basis of the need to protect the public and because it is in the public interest. The banning is effective from 3 March 2016. 

Background

ASIC has the power to permanently ban a person from operating in the financial services and credit area without a hearing if the person is convicted of a "serious fraud", such as obtaining advantage by deception.