The Australian Securities and Investments Commission (ASIC) has permanently banned former Westpoint promoter Neil Burnard from providing financial services.

The Commonwealth Director of Public Prosecutions lodged an appeal in October against the 12-month suspended sentence handed down to Mr Burnard in August by the NSW Court of Criminal Appeal.

This followed a request by ASIC, which says Mr Burnard’s 12-month suspension and $50,000 fine was too lenient.

A Sydney-based promoter, Mr Burnard was convicted on nine criminal charges in May for obtaining financial advantage for five Westpoint mezzanine companies through a claim he was the director of the non-existent “Kebbel Investment Bank”.

ASIC also alleged Mr Burnard organised and attended promotional seminars at which investors were persuaded to invest in Westpoint mezzanine companies.  

The nine charges on which Mr Burnard was convicted relate to six investors who invested nearly $1.2 million.

Eighteen licensed advisers and four unlicensed advisers who provided advice in relation to Westpoint products have now been banned.