ASIC issues a five-year ban against former UBS advisor Sebastian Konjevic for his deceptive conduct in transactions with UK-based Astra Resources.

The Australian Securities & Investments Commission has banned a former UBS client advisor from providing financial services for five years for engaging in misleading and deceptive conduct.

Sebastian Konjevic was a client advisor at UBS from 26 September 2005 to 11 April 2013, during which time he was found to have violated several items in the Corporations Act 2001. ASIC said Konjevic misled his employer and UBS Wealth Management Australia into assuming he was complying with the various codes of conduct.

Between 19 March 2012 and 15 August 2012, Konjevic received 900,000 shares and referrals from shareholders of Astra Resources, who had chosen him to act as advisor to UBS clients who wanted to acquire Astra shares and obtaining UBS custody services. The receipt of such shares was not disclosed to UBS or UBS Wealth. The Swiss bank reported this conduct to the ASIC and terminated his employment in April 2013. 

Konjevic has the right to appeal to the Administrative Appeals Tribunal for a review of the regulator's decision. The ASIC has also begun a separate court action against Astra, its director, a former director and Astra Consolidate Nominees for breaches of the Corporations Act related to his case. Astra is registered in the UK.