Australia financial regulator ASIC has permanently banned Mark Steven Grevsmuhl from providing financial services and engaging in credit activities after he was convicted of multiple counts of fraud in the Brisbane District Court on 8 October 2015.
Mr Grevsmuhl was sentenced to 13 and a half years imprisonment after setting up fake superannuation investments and defrauding approximately 74 complainants of $6 million.
As a result of Mr Grevsmuhl’s conviction, he is also automatically disqualified from acting as a director of a company until at least five years from the day he is released from prison.
Mr Grevsmuhl is currently imprisoned and is eligible for parole in April 2019.
ASIC Deputy Chair Peter Kell said:
Mr Grevsmuhl’s serious misconduct has been addressed by the court and ASIC has taken steps to prevent him from ever having a role in the financial services or credit industry in Australia to protect consumers’.
Mr Grevsmuhl has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.