ASIC has permanently banned former Professional Investment Services (PIS) financial planner Christopher Polinelli from providing financial services.
ASIC's decision to permanently ban the former Sunshine Coast adviser followed his conviction in the Maroochydore District Court on a charge of serious fraud.
It was found Polinelli conducted an unauthorised transfer of $1.25 million from the superannuation account of one of his former clients, to an offshore bank account under his control.
As a result of his conviction, Polinelli was sentenced to six years imprisonment.
It is understood Polinelli was not practising as a financial planner at the time of the offence.
PIS brought this matter to ASIC's attention as part of their breach reporting process.
Since the reporting of this incident, the dealer group has worked with the superannuation fund to ensure all funds were returned to affected clients.
