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.