The Australian Securities and Investments Commission (ASIC) brought 14 charges against Paul Drakos, of the NSW central coast.<\/P><\/p>\n
ASIC said Mr Drakos, 52, appeared in Sydney’s Downing Centre Local Court today on eight counts of obtaining a financial advantage by deception, two of fraudulent misappropriation and four of making and using false documents.<\/P><\/p>\n
\nThe charges relate to transactions worth more than $7 million.<\/P><\/p>\n
\nAn investigation found that between 1997 and 2001, Mr Drakos, an authorised representative of the NAB, recommended his NAB clients invest in Bahamas-based BSI Corp, ASIC said in a statement today.<\/P><\/p>\n
\nBSI Corp was not an NAB-approved investment product and investors subsequently lost more than $4.7 million.<\/P><\/p>\n
\nNAB had compensated most of Mr Drakos’ former clients for their losses, ASIC said.<\/P><\/p>\n
\nThe corporate regulator permanently banned Mr Drakos from acting as a representative of a dealer or investment adviser in January this year.<\/P><\/p>\n
\nASIC said Mr Drakos was not required to enter a plea and was released on bail to reappear on March 1 next year. <\/P><\/p>\n
Associated Press<\/B><\/P><\/p>\n","protected":false},"excerpt":{"rendered":"
A former National Australia Bank (NAB) financial planner today faced court charged over a $7-million fraud.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[12],"tags":[],"class_list":["post-246271","post","type-post","status-publish","format-standard","hentry","category-headlines"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/246271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=246271"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/246271\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=246271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=246271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=246271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}