A financial adviser from the NSW town of Valentine has been permanently banned for making false statements to clients and misappropriating funds.
Nicholas Ellis was sentenced to three years in prison in October last year but has only now been permanently banned from providing financial advice.
ASIC said that following his conviction it sought to permanently remove Ellis from the financial advice and credit industry.
Ellis already copped a six year ban from the regulator in 2013.
An ASIC investigation found Ellis sent 10 letters and one email to a number of his clients for the purpose of raising investment funds to purchase a hotel in Tura, NSW through his company, Tura Pty Limited.
Ellis admitted to fraudulently misappropriating $562,000 of client funds received for the "hotel" and used some of those funds to purchase a house in the Sydney suburb of Manly.
"Mr Ellis was a trusted financial adviser and accountant, who misled his clients and misused their funds for the benefit of his own business," ASIC commissioner Danielle Press said.
"Accountants and financial advisers are in a position of trust. As demonstrated in this case, ASIC is prepared to take criminal action where trusted advisers misappropriate clients' money."
Ellis is currently serving twelve months of home detention - it is not known whether that sentence is being served in his ill-gotten house in Manly.