ASIC has made two orders permanently banning Calamvale based financial adviser David Eduardo Cubilla following his conviction of fraud.
The conviction related to Mr Cubilla stealing funds from a client’s superannuation account.
Under the Corporations Act and National Consumer Credit Protection Act, ASIC may permanently ban a person from providing financial services and engaging in credit industries if they are convicted of fraud.
Mr Cubilla has been banned permanently from:
providing any financial services
performing any function involved in the carrying on of a financial services business
controlling an entity that carries on a financial services business
engaging in any credit activities
performing any function involved in the engaging in of credit activities, and
controlling, whether alone or in concert with one or more other entities, another person who engages in credit activities.
The banning took effect from 27 December 2024.
Mr Cubilla’s banning has been recorded on ASIC’s banned and disqualified register.