ASIC permanently bans jailed company director from credit and financial services industries
The Australian Securities and Investments Commission (ASIC) has issued today a press release to inform that Mr Gavin Keith Hyland has been permanently banned from engaging in credit activities or providing financial services.
Mr Hyland was banned following his recent conviction in the Brisbane District Court on two counts of dishonestly using his position to misappropriate $104,110 of investor funds. Mr Hyland is currently serving a two year prison sentence (refer: 17-137MR).
In deciding to ban Mr Hyland, ASIC took into consideration the serious nature of the offences for which Mr Hyland was convicted.
Mr Hyland has the right to seek a review of ASIC’s decision before the Administrative Appeals Tribunal.
Under the Corporations Act, ASIC may make a banning order to prohibit a person from engaging in financial services, with immediate effect, if the person is convicted of a serious fraud.