ASIC has made two orders permanently banning Queensland-based financial adviser Lachlan John King following his conviction of fraud.
On 14 May 2024, King was convicted of two counts of fraud and sentenced to five and eight years of imprisonment with the sentences being served concurrently. He will be eligible for parole 14 August 2026.
The conviction relates to King, who was the director and secretary of Veeman Pty Ltd from August 2009 until the company was deregistered in January 2021, stealing funds from clients including family members.
King has been banned permanently from:
- Providing any financial services
- Controlling, whether alone or in concert with one or more other entities, an entity that carries on a financial services business
- Performing any function involved in the carrying on of a financial services business;
engaging in any credit activities - Controlling, whether alone or in concert with one or more other entities, another person who engages in credit activities, and
- Performing any function involved in the engaging in of credit activities.
The banning took effect from 5 February 2025.
King has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
