ASIC permanently bans former NSW financial adviser Nicholas Ellis

ASIC has permanently banned former financial advisor Nicholas Ellis, of Valentine, NSW, from providing financial services and engaging in credit activities.

In October 2019, Mr Ellis was sentenced to three years imprisonment for fraud offences, to be served by way of an Intensive Correction Order (19-287MR). Following the conviction, ASIC pursued the banning order to remove Mr Ellis permanently from the financial advice and credit industries.

Mr Ellis has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Background

In October 2019, Mr Ellis pleaded guilty to making false or misleading statements to obtain money from clients and fraudulent misappropriation of client funds.

In 2013, ASIC previously banned Mr Ellis from providing financial services for six years for dishonest conduct in unrelated matters (13-069MR).

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