Broker banned, given prison time after defrauding investor
Malcolm Royce Jones, a former finance broker, has been permanently banned by the Australian Securities and Investments Commission (ASIC) from providing financial services and engaging in creditor activity.
Having been convicted of serious fraud offences, Jones was sentenced to two years and five months in prison, with 15 months non-parole, in September.
In November last year Jones pleaded guilty and was convicted in the District Court of South Australia. The charges included one count of aggravated deception and one count of aggravated dishonestly dealing with a document.
Jones had forged a memorandum of a mortgage and then used it to defraud $170,000 from an investor.
ASIC deputy chairman Peter Kell said that those engaging in financial services and credit activities are expected to act with honesty and integrity.
“ASIC will ensure those engaged in fraud are removed from these industries,” he said.
Jones has the right to appeal.
