The Australian Securities and Investments Commission has banned a former authorised financial services representative of a subsidiary of National Australia Bank from financial services for life.

Patrick Simon Mitchell has been jailed for eight years for misappropriating A$2,354,497 (US$1¾ million) from one investor during a four-year period. He used the money to fund an extravagant lifestyle and was an authorised financial services representative for most of that time. He was finally caught as a result of ASIC's Wealth Management Project, under which the regulator has already banned 37 advisors.