ASIC has permanently banned former financial adviser Tina Louise McPhee of South Australia from providing financial services and from engaging in credit activity.

Mrs McPhee was banned after being convicted, in a separate action, on 181 counts of theft. On 16 May 2014, Mrs McPhee was sentenced to 13 years jail with a 10-year non-parole period.

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

Mrs McPhee has the right to appeal to the Administrative Appeals Tribunal for review of ASIC’s decision.

Background

Mrs McPhee was formerly employed as an authorised representative of AMP Financial Planning Pty Ltd between 15 April 2004 and 22 May 2009.

She was arrested and charged with 181 counts of theft and receiving, totalling approximately $1.9 million, while she was trustee of investment money for six of her clients - brain injury compensation payments for two of her victims and compensation payments for four children who lost their mother and sibling in a car accident.

Mrs McPhee pleaded guilty to all charges in the Adelaide Magistrates Court in November 2013 and was sentenced in May 2014.