ASIC has made an order banning Northern Territory based financial adviser Harris Shortland following his conviction of supplying dangerous drugs, namely cocaine and receiving or possessing the proceeds of their sale.

Under the Corporations Act, ASIC may ban a person from providing financial services if ASIC has reason to believe that the person is not fit and proper person to provide one or more financial services.

ASIC is satisfied that banning Mr Shortland will uphold investor and consumer confidence generally in the financial services industry and encourage professionalism amongst other industry participants by deterring them from similar misconduct.

Mr Shortland has been banned for a period of seven years 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, and
• performing any function involved in the carrying on of a financial services business (including as an officer, manager, employee, contractor or in some other capacity).

The banning took effect from 4 March 2025.

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

Background

Mr Shortland was involved in the financial services industry for more than fifteen years. At the time he committed the offences he was a shareholder, director and responsible manager of HJ Shortland & Co Wealth Management Pty Ltd (AFSL 324909) (HJS) in Alice Springs, where he worked as a financial advisor. HJS ceased trading due to Mr Shortland’s imprisonment and its licence was suspended in 2022 and then cancelled in 2024.

On 16 December 2021, Mr Shortland was convicted of supplying dangerous drugs and receiving or possessing the proceeds of their sale. Mr Shortland was sentenced to six and a half years of imprisonment, and his non parole period expires in January 2026.

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