A former director of Kismet Trading and Bell Potter adviser has been permanently banned from the industry for unlawful behaviour that resulted in investors’ losses of more than $1.6 million.
Glenn Russell Evans was sentenced to five years’ jail with a non-parole period of three years and nine months earlier in the year after an ASIC investigation. Between 2002 and 2008, Evans entered into contracts with individuals and self-managed superannuation funds to invest in listed Australian equities and derivatives.
The ASIC investigation found that Evans was found to have failed to invest the money as agreed, provided 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 authority
Evans’ is the second Bell Potter adviser to come under scrutiny as Lawson Stuart Donald received a one year jailed term in the NSW Court of Criminal Appeal to gain an advantage for himself worth about $1.8 million transferring trades from one client account to accounts controlled by him, selling the shares for a profit.
Judge David Arnott SC said Evans had been “motivated by a combination of personal greed and ambition.”