The Australian Securities & Investments Commission (ASIC) has issued two orders permanently banning Queensland-based former financial adviser Lachlan John King following his conviction for fraud involving the theft of client funds, including from family members. The ban prohibits him from providing financial services or engaging in credit activities, as well as from controlling or performing functions in businesses that carry on financial services or credit activities. The banning took effect from 5 February 2025 and has been recorded on ASIC’s banned and disqualified register. ASIC cited its powers under the Corporations Act and National Consumer Credit Protection Act to permanently ban a person convicted of fraud; in Mr King’s case, the underlying conduct involved the misappropriation of AUD 1,797,493.66 from eight clients between February 2012 and March 2019 while acting as a financial planner entrusted with client financial management. Mr King may seek review of ASIC’s decision by applying to the Administrative Review Tribunal.
Australian Securities & Investments Commission 2025-02-07
Australian Securities & Investments Commission permanently bans former adviser Lachlan John King following AUD 1.8 million client fraud conviction
The Australian Securities & Investments Commission (ASIC) has permanently banned former financial adviser Lachlan John King from providing financial services or engaging in credit activities after his fraud conviction for misappropriating AUD 1,797,493.66 from eight clients, including family members. The ban, effective from 5 February 2025, is recorded on ASIC’s banned and disqualified register. ASIC exercised its powers under the Corporations Act and National Consumer Credit Protection Act. Mr. King may seek a review of the decision by the Administrative Review Tribunal.