Australia is continuing to crack down on crooked advisors.

Australia's securities regulator has banned a former financial advisor from providing financial services for a decade after it found he made unauthorised discretionary trades on several client accounts.

Sergio Belardo, a former Perth-based financial advisor with BBY, recommended clients to implement an investment strategy that involved selling call options while simultaneously buying a put option acting as downside protection, the Australian Securities and Investments Commission (ASIC) found. 

Following a hearing, an ASIC delegate found that Belardo was likely to break a financial services law. 

"Financial advisors are expected to act with honesty and in the interests of their clients,” said Cathie Armour, AISC commisioner. “ASIC will take action against those who breach their clients' trust."

The regulator's investigation found that Belardo made carried out unauthorised discretionary trading on multiple client accounts; engaged in trading on client accounts that was inconsistent with, or contrary to, the investment strategy agreed; and provided clients with inaccurate information in relation to their accounts.

He has the right to appeal ASIC's decision.