Australian Securities and Investments Commission (ASIC) announced it has permanently banned Jason William Cox, of St James, Western Australia, from providing financial services.

The banning follows Mr Cox being sentenced in January this year to 28 months imprisonment with parole, for 24 counts of fraud, in the District Court of Western Australia.

The offences involved Mr Cox fraudulently obtaining funds from policy holders superannuation accounts. In total, Mr Cox fraudulently obtained cheques totalling $185,755.41.

ASIC has the power to ban a person from providing financial services if the person is convicted of fraud. The offences committed by Mr Cox constitute 'serious fraud' under the Corporations Act.

12 November, 2009