A South Australian finance broker has been permanently banned by ASIC from providing financial services and engaging in credit activity.
Malcolm Royce Jones was convicted of serious fraud offences after pleading guilty in the District Court of South Australia in November 2013. He has been convicted of one count of aggravated deception and one count of aggravated dishonestly dealing with a document. The offences involved Jones forging a memorandum of mortgage, which he used to defraud $170,000 from an investor.
Peter Kell, ASIC’s deputy chairman said, “People engaging in financial services and credit activities are expected to act with honesty and integrity. ASIC will ensure those engaged in fraud are removed from these industries.”
Jones was sentenced to imprisonment for two years and five months, with a 15 month non-parole period, on 10 September 2014. He does have the right to appeal to the Administrative Appeals Tribunal for review of ASIC's decision.