Scott has been banned from providing any financial services and has also been disqualified from managing corporations for 25 years.
Additionally, the Supreme Court of New South Wales also made orders permanently restraining Roach Graham Scott Pty Ltd (RGS), a company of which Scott, of Lilli Pilli, was sole director, from carrying on a financial services business or providing a financial service.
Court has accused Scott for having carried out dishonest and fraudulent activities when providing financial services between 9 February 2004 and 27 April 2012.
According to the court, Scott had obtained $3,632,759.46 from 56 separate clients; generally used this money for her own personal benefit knowing that this was not in accordance with the clients’ instructions; and falsely told some clients their money had been invested in accordance with their instructions and was making returns.
The misdemeanors of Scott took place while she was an authorized representative of ANZ-owned Millennium 3 Financial Services Pty Ltd. Scott’s authorization was revoked, and ASIC obtained court orders preventing her from carrying on a financial services business, In May 2012.
Currently, ASIC’s investigation into Scott’s conduct is ongoing.