Sydney adviser banned for life

Former senior client adviser at Bell Potter Securities Glenn Russell Evans has been banned from providing financial services for life by the Australian Securities and Investments Commission, after he was jailed for defrauding self-managed superannuation funds of more than $1.6 million.

In May, Evans, who is 44 years old and from Leichhardt in Sydney, was sentenced to five years jail with a non-parole period of three years and nine months.

This followed an ASIC investigation which found Evans, while a director of Kismet Trading Pty Ltd (deregistered), failed to invest money as agreed with individuals and self-managed superannuation funds between September 2002 and October 2008.

Evans also failed to provide false trading and performance reports; failed to repay the balance of the proceeds to the investors; and in some instances used clients’ money as collateral for his personal trading account without their authorisation.
In sentencing Evans in May, Judge David Arnott SC said he “was motivated by a combination of personal greed and ambition”.