ASIC has permanently banned Tasmanian financial advisor Kenneth David Drake from providing any financial services.

Mr Drake was banned after pleading guilty and being convicted of two counts of stealing in the Supreme Court of Tasmania on 5 April 2016, following an investigation by Tasmania Police. 

Mr Drake was sentenced to six and a half years jail and will be eligible for parole after serving half of that term.

The charges related to Mr Drake stealing a total of $940,935.09 from two elderly clients of his financial services practice.  Mr Drake's conduct occurred over a period of approximately six years and involved 64 unauthorised transactions on the client's accounts. On a number of occasions, Mr Drake forged the signatures of the clients to facilitate the stealing.

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

The ban will take effect from 23 May 2016.

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

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 "serious fraud", such as stealing.