ASIC bans adviser jailed for supplying drugs

ASIC has banned Northern Territory financial adviser Harris Shortland for seven years, following his conviction for supplying dangerous drugs.

In December 2021, Shortland was convicted on drug offences after having been arrested in July 2018 for importing 40 grams of cocaine inside a motorbike helmet from Los Angeles.

He was also found guilty of possessing cash that was the proceeds of selling cocaine, and of supplying a commercial quantity in Alice Springs between December 2017 and July 2018.

Shortland was sentenced to six and a half years in prison, with a non-parole period of four years on 16 December 2021. His non-parole period expires in January 2026.

However, the ban indicates that Shortland will not be able to engage in any form of financial services for a further six years should he be released early by parole.

As a result, he will be suspended from providing any financial services and controlling of any entities, including those that carries a financial services business.

He will also not be able to perform any function in a financial services business.

ASIC believes the ban will uphold investor and consumer confidence in the financial services industry and encourages professionals from all industries to deter similar misconduct.

Prior to his conviction, Shortland was involved in the financial services industry for more than 15 years, he was the shareholder, director and responsible manager of HJ Shortland & Co Wealth Management (HJS) in Alice Springs.

HJS had an Australian financial service licence (AFSL) since 2008 until it ceased trading due to Shortland's imprisonment, and its AFSL was suspended in 2022 and then cancelled in March 2024.

Shortland has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision.