The former CEO of an investment business in Australia, which is in liquidiation, has been permanently banned from the industry because of a string of broken rules.

Australia’s financial regulator has permanently banned a former chief executive and founder of Equititrust Limited, a financial organisation now in liquidation that was responsible for an income fund and which collapsed in 2011. The fund was called the Equititrust Income Fund, or EIF.

Mark McIvor, of Labrador, Queensland, is banned from providing any financial services because he broke a financial services law and was "not of good fame or character to provide financial services”, the Australian Securities and Investments Commission said yesterday. echoing the words of the Statute of Edward III. McIvor’s conduct involved breaches of financial services legislation that the regulator considered to be very serious, repetitive, prolonged and dishonest.

An ASIC investigation found that between 1 January 2004 and 18 September 2008, when McIvor was the director of the responsible entity of EIF, he failed to ensure his firm followed EIF’s compliance plan; he also signed 28 board meeting minutes which falsely claimed that board meetings had taken place to approve a loan application.

McIvor has 28 days in which to apply to the Administrative Appeals Tribunal to review the decision.

Equititrust was incorporated on 18 August 1993 and was placed into voluntary administration on 15 February 2012. This organisation had an Australian Financial Services Licence.

McIvor was made bankrupt on 28 November 2012. On 22 August 2014, McIvor was convicted and fined $10,000 in the Brisbane Magistrates Court of six charges of failing to provide a report as to affairs and to deliver books and records to the liquidators of Chevron Capital Pty Ltd, MHSM Holdings Pty Ltd and SM Capital Pty Ltd.