The Australian Securities & Investments Commission (ASIC) has made two orders permanently banning Calamvale-based former financial adviser David Eduardo Cubilla following his fraud conviction for stealing funds from a client’s superannuation account. The ban, made under the Corporations Act and the National Consumer Credit Protection Act, permanently prohibits Mr Cubilla from providing financial services, performing functions in a financial services business, controlling a financial services entity, engaging in credit activities, performing functions related to credit activities, and controlling a person who engages in credit activities. The banning took effect from 27 December 2024 and has been recorded on ASIC’s banned and disqualified register. Mr Cubilla was convicted in June 2024 under section 408C of the Queensland Criminal Code and sentenced to seven years’ imprisonment, with parole eligibility on 11 June 2026; the fraud occurred while he was an authorised representative of AMP Financial Planning Pty Ltd. Mr Cubilla may apply to the Administrative Review Tribunal for review of ASIC’s decision.
Australian Securities & Investments Commission 2025-01-24
Australian Securities & Investments Commission permanently bans former financial adviser David Eduardo Cubilla after fraud conviction
The Australian Securities & Investments Commission (ASIC) has permanently banned former financial adviser David Eduardo Cubilla after his fraud conviction for stealing from a client's superannuation account. The ban prohibits Cubilla from providing financial services or engaging in credit activities. Effective from 27 December 2024, this follows his June 2024 conviction under the Queensland Criminal Code, resulting in a seven-year prison sentence. Cubilla may seek a review of ASIC's decision by the Administrative Review Tribunal.