The Australian Securities and Investments Commission has banned an advisor from providing financial services for four years following an investigation into his affairs.

Rory Mor Macleod Deutsch of Romad Financial Services, was found to have not complied with financial services regulations from 1 April 2009 to 28 April 2011. Deutsch has been working for Romad since June 2004.

Included in Deutsch's compliance failures are the issuance of interests in two unregisterd managed investment schemes without an Australian financial services license or an authorisation under Romad's AFSL and engaging in "misleading or deceptive" conduct in relation to a product or service.

The ban comes shortly after the ASIC cancelled Romad's AFSL in 19 October and was granted an order by the Administrative Appeals Tribunal in 28 October to retain the cancellation pending a review. Under the terms of cancellation, Romad is barred from authorising any new representatives. Current representatives are prohibited from engaging any new clients and the company must maintain its professional indemnity insurance. 

Earlier this week, the ASIC sentenced Alan Leslie Brown, a financial advisor, to three years in jail with 21 months non-parole after being found guilty on six counts of fraud and dishonest conduct. Brown was reported to the ASIC by Bridges Financial Services, an Australian financial planning firm. (See related story here.)