ASIC has permanently banned former Allianz financial adviser Kerrie Marie King from providing any financial services and engaging in any credit activities.
In April 2016, Ms King was convicted in the County Court of Victoria on five counts of obtaining property by deception, two counts of obtaining financial advantage by deception, and other unrelated charges.
Between 2008 and 2011, Ms King stole funds from clients and forged loan documents in the names of these clients. She also provided false documentation relating to a loan application on her own behalf. The total value of the deceptions amounted to more than $1.3 million.
Ms King was sentenced to a five-year term of imprisonment, with a non-parole period of three years.
ASIC has the power to permanently ban a person from operating in the financial services and credit industry without a hearing if the person is convicted of a 'serious fraud', such as obtaining property or financial advantage by deception.
ASIC has permanently banned Ms King so as to protect the public and because it is in the public interest. The banning is effective as from 12 August 2016.
ASIC Commissioner Peter Kell said, 'It is imperative that consumers of financial services and credit products can rely on the honesty and integrity of persons who provide such services. As this case shows, conduct that breaches financial services or credit laws will result in action by ASIC to remove them from these industries.'