ASIC bans ex-financial services representative after superannuation stealing conviction

ASIC has permanently banned Mr Craig James Wilson from providing financial services and engaging in credit activities, after he was convicted by the District Court of Western Australia for four counts of stealing.

Between 25 October 2017 and 23 January 2018, four of Mr Wilson’s clients received payments into their bank accounts from

their superannuation funds.


Due to Mr Wilson’s planned actions, the clients received more than they had requested to be withdrawn. The clients then asked for funds to be returned. Mr Wilson provided his own personal bank details for the return of funds, totaling $101,800.

Since 2010, Mr Wilson was employed by Lifenet (WA) Financial Advice Pty Ltd, a corporate authorised representative and credit representative of Securitor Financial Group Ltd (Securitor).

Mr Wilson was also a credit representative (between July 2014 and November 2015) and an authorised representative (between June 2014 and March 2018) of Securitor.

ASIC banned Mr Wilson after he was convicted in August 2018, in separate proceedings in the District Court of Western Australia, of four counts of stealing as a servant.

Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may ban anyone who is convicted of fraud.

Mr Wilson has the right to lodge an application for review of ASIC’s decision with the Administrative Appeals Tribunal.

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