The Australian Securities and Investments Commission has imposed an eight-year prison term on a former NSW-based financial adviser.

John Michael Higgins of Richmond was sentenced to eight years jail with a non-parole period of five years after pleading guilty to 15 counts of fraudulently misappropriating client funds for his own use.

He also pleaded guilty to three counts of dishonest conduct in relation to a financial product or financial service. Mr Higgins was an authorised securities representative from March 1995 until March 2002 and he was a director of Macquarie Towns Financial Services during this period, and also operated as a financial adviser.

The $1.7 million lost by clients was used by Mr Higgins to meet various business and personal expenses.