ASIC bans Melbourne adviser who used clients' money for personal expenses

Pedro Gonçalves
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ASIC bans Melbourne adviser who used clients' money for personal expenses

The Australian Securities and Investments Commission (ASIC) has permanently banned former Melbourne adviser Robert Shane Michael from providing financial services, after it found he was dishonestly borrowing money from his clients' self-managed super funds (SMSFs) for his own personal expenses. ASIC's investigation found that between April 2012 to September 2018, the Bentleigh based adviser had procured loans from four of his clients' SMSF accounts totalling A$204,000. The loans were use...

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