ASIC has made two orders permanently banning Queensland based financial adviser Lachlan John King following his conviction of fraud.

The conviction related to Mr King stealing funds from the clients including family members.

Under the Corporations Act and National Consumer Credit Protection Act, ASIC may permanently ban a person from providing financial services and engaging in credit activities if they are convicted of fraud.

Mr King has been banned permanently from:

• providing any financial services
• controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business
• performing any function involved in the carrying on of a financial services business;
• engaging in any credit activities
• controlling, whether alone or in concert with one or more other entities, another person who engages in credit activities, and
• performing any function involved in the engaging in of credit activities.

The banning took effect from 5 February 2025.

Mr King’s banning has been recorded on ASIC's banned and disqualified register.

Background

Lachlan John King was the director and secretary of Veeman Pty Ltd (ACN 138 981 834) from August 2009 until the company was deregistered in January 2021.

In addition to his role at Veeman Pty Ltd, Mr King held several authorised representative positions at the following companies:

• Genesys Wealth Advisers Pty Ltd (Australian Financial Services Licence 232686) between 30 June 2005 and 29 May 2015;
• Magnitude Group Pty Ltd (Australian Financial Services Licence 221557) between 1 June 2015 and 22 March 2019; and
• Australian Finance Group Ltd (Australian Credit Licence 389098) between 3 July 2015 and 21 August 2018.

Between February 2012 and March 2019 Mr King misappropriated a total of $1,797,493.66 from eight clients while working as a financial planner and being entrusted with the financial management of multiple clients, including family members.

On 14 May 2024, Mr King was convicted of two counts of fraud under s408C of the Queensland Criminal Code and was sentenced to five and eight years of imprisonment with the sentences being served concurrently. Mr King will be eligible for parole on 14 August 2026.

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