The corporate watchdog has permanently banned former Home Equity director Erin Watson from providing financial services, after an investigation found she had engaged in misleading and deceptive conduct.
Watson operated a financial services business between March 2007 and February 2008 and met with potential investors, dealt with clients and signed agreements entered into by Home Mortgages Australia.
During this period she did not hold an Australian financial services licence and neither was she an authorised representative.
An investigation by ASIC also found that from September 2006 to March 2008 she used clients' money to pay her home loan, family members, clients of Home Equity and companies associated with Home Equity.
Watson was also a director of a number of companies, including Home Mortgages Australia and Credit.
ASIC said it banned Watson in order to protect the public, deter similar conduct and maintain investor and consumer confidence in the financial services industry.
She has the right to apply to the Administrative Appeals Tribunal for a review of ASIC's decision.
