Australian authorites have permanently banned a former financial advisor from the industry due to dishonest behaviour. 

Nenad Petrovic, previously a director and financial advisor of Mitchell Asset Management, a boutique financial advisory firm, had been found guilty of dishonestly withdrawing A$208,688 ($222,700) from client accounts over a period of four months. The investigation into this affairs was spurred by an ongoing crackdown on the activities of Australian advisors, which had led to several suspensions over the past few months.

Mitchell Asset Management reported Petrovic's conduct to the Australian Securities and Investment Commission, which found that he had been making unauthorised transfers from Macquarie Cash Management Trust Accounts clients into his personal bank account. 

The company has since reimbursed clients of the A$200,000 recovered from the total amount. According to ASIC, Petrovic has the right to appeal to the Administrative Appeals Tribunal for a review of the decision.