ASIC bans Tas financial adviser from job

A financial adviser jailed for stealing almost $1 million from an elderly Tasmanian client has been permanently banned from working in the industry.

The Australian Securities and Investment Commission on Friday announced that Kenneth David Drake, currently serving more than six years in prison after pleading guilty to stealing $940,935, must not work in the financial services sector on his release.

"ASIC will act to remove people from the financial services industry who act dishonestly and breach the trust of their clients," chairman Peter Kell said.