The Australian Securities and Investments Commission (ASIC) has banned former NAS authorised representative Linda Rae Whelan after she was sentenced for fraud and stealing.

It says Whelan misused her position as treasurer of a sporting organisation to draw cheques she later cashed for her own benefit.

ASIC says Brisbane District Court ordered Whelan to repay $33,419.11 to the organisation and handed down a suspended prison sentence of two years and six months.

Deputy Chairman Peter Kell says dishonesty by any financial adviser will not be tolerated.

“We will take steps to remove financial advisers who have acted dishonestly from the financial services and credit industry… to protect customers,” he said.

The charges related to offences between October 31 2013 and June 20 2014.

Whelan’s status as an authorised representative with NAS, which is part of IAG, ended on August 3.

IAG says the fraud charges were unrelated to Whelan’s work at NAS. However, the company does not tolerate such breaches in standards and works hard to protect clients.

“Since reporting the breach to ASIC, we have taken significant action to ensure the protection of Ms Whelan’s former clients, including close management of her book during the course of the period awaiting trial, and subsequently in the transition to a new NAS broker,” a spokesman said.