ASIC has permanently banned Mr Benjamin Fletcher of Helensvale, Queensland, from providing financial and credit services.

Mr Fletcher was banned after having been convicted twice in 2014 for a number of serious fraud-related offences under the Queensland Criminal Code.

Between 2015 and January 2018, Mr Fletcher was an authorised representative of Australian Warranty Network Pty Ltd, the holder of an Australian credit licence, which provides extended warranty insurance for vehicles and asset protection.

Mr Fletcher's banning will be recorded on ASIC’s registers, including ASIC's register of financial advisers.

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

Background

The banning of Mr Fletcher came about after ASIC and the QPol collaborated in a joint agency surveillance campaign to identify and remove criminal syndicate and outlaw motorcycle gang members with dishonesty convictions from managing corporations or operating a business under a business name.

As part of this campaign, Mr Fletcher was identified to be a director of Performance Wholesale Cars Pty Ltd and the holder of the business name BF Wholesale. ASIC advised Mr Fletcher that as a result of his convictions, he was automatically disqualified from managing companies and removed him from holding such position and cancelled his business name.

Under the Corporations Act, a person is automatically disqualified from managing corporations if the person is convicted of an offence under the Corporations Act that is punishable by imprisonment for a period greater than 12 months, or involves dishonesty and is punishable by imprisonment for at least three months.

Further information regarding this campaign is available here.

Under s920A(1) of the Corporations Act and section 80(1)(c) of the National Comsumer Credit Protection Act 2009, ASIC may make a banning orders against a person if the person is convicted of fraud.

ASIC is protecting investors, consumers and small businesses by actively collaborating with other agencies to identify persons that are disqualified from managing companies, operating under business names and involved in the financial and credit industry.