The ban comes a month after Madhoji was sentenced to 7.5 years in prison with a non-parole period of 22 months on 55 charges of fraud.

Between 2 September 2010 and 11 July 2012, Madhoji misused clients' funds by applying some of them to cover losses made on other client portfolios. As a result, 14 clients collectively lost $3,251,281. These losses were incurred by Madhoji using his recommended trading strategy.

He made multiple unauthorised transfers and withdrawals from the accounts to hide the losses and falsified client account statements in relation to the relevant transactions.

Madhoji, based in Brisbane, committed these offences to “enhance his reputation to clients and create an illusion that he was a highly successful trader”, ASIC said in a statement. 

“Dishonesty by any financial advisor will not be tolerated by ASIC. We will investigate and prosecute instances of dishonesty to ensure that consumers have confidence in the financial system,” said ASIC’s deputy chairman, Peter Kell.