ASIC has permanently banned former Melbourne adviser David Harwood from providing financial services.
Harwood was an authorised representative with Professional Investment Services (PIS) from December 2003 to December 2006. He operated The Pension Specialists in Brighton, Victoria between March 1990 and December 2003.
ASIC found that between January 1991 and April 2005 Harwood embezzled approximately $459,000 from 20 elderly clients, with some of that money used to conceal previous misappropriations.
ASIC also uncovered that Harwood created false documents for his clients or their representatives in order to conceal the misappropriations.
ASIC's investigation into Harwood's conduct is ongoing and follows a breach notification received from PIS.
Harwood has since repaid the principal amount of funds he embezzled from clients along with interest to a total amount of $484,150.
Harwood has a right to apply to the Administrative Appeals Tribunal for a review of ASIC's banning order.
