Morrison Carr Financial Services director Dennis Cardakaris has been permanently banned from providing financial services and engaging in credit activities.
Cardakaris, the sole director of the dealer group, was banned following surveillance of the business by ASIC.
As well as personally banning Cardakaris, the corporate watchdog cancelled the firm's Australian financial services licence and Australian credit licence.
"Morrison Carr provided financial planning and credit advice via its network of 42 authorised representatives and seven credit representatives located in offices around Australia," ASIC said in a statement.
"Morrison Carr has filed an application for review and a stay in the AAT (Administrative Appeals Tribunal) in relation to the ASIC decision to cancel both the Australian financial services licence and Australian credit licence."
Cardakaris also had the right to seek a review in the AAT of the ASIC decisions to permanently ban him from providing financial services and engaging in credit activities, the corporate regulator said.
