Paul Drakos has appeared in Sydney Local Court to answer eight charges of obtaining a financial advantage by deception, two charges of fraudulent misappropriation and four charges of making and using false documents.<\/P><\/p>\n
The 14 criminal charges brought by ASIC related to the period between 1997 and 2001 when Drakos was an authorised representative of the National Australia Bank (NAB).<\/P><\/p>\n
ASIC\uffb4s investigation into the activities of Drakos found he had recommended investment in BSI Corp. to his former NAB clients. BSI was a company based in the Bahamas and was not an investment product the bank had approved. The recommendations involved $7 million of transactions and resulted in $4.7 million of investors\uffb4 funds being lost.<\/P><\/p>\n
NAB has compensated most of Drakos\uffb4s former clients who lost money through the investment.<\/P><\/p>\n
Drakos has been released on bail on condition he surrenders his passport to ASIC and undertakes not to attempt to leave the country.<\/P><\/p>\n
ASIC had already permanently banned Drakos in January of this year form acting as a representative of a dealer or investment adviser.<\/P><\/p>\n
The Financial Standard<\/B><\/P><\/p>\n","protected":false},"excerpt":{"rendered":"
BSI was a company based in the Bahamas and was not an investment product the bank had approved.<\/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-246277","post","type-post","status-publish","format-standard","hentry","category-headlines"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/246277","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=246277"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/246277\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=246277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=246277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=246277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}