By Lisajane Davies
The protégé of the real-life Wolf of Wall Street has been permanently banned from providing financial services after an investigation found he used $1.8 million of client money to pay off his debts and fund his partner’s boob job and cosmetic surgery.
Australian, Ashley Grant Howard, a bankrupt, received the banning orders after the Australian Securities and Investments Commission (ASIC) found he had engaged in dishonest conduct, pretended his trading was authorised and engaged in conduct that was likely to mislead.
Howards misconduct “included paying for cosmetic surgery for his partner, purchasing a house and settling debts to Jordan Belfort, the so-called ‘Wolf of Wall Street'”, according to ASIC.
The real Wolf of Wall Street Jordan Belfort, was played by Leonardo DiCaprio in the film Wolf of Wall Street, himself pleaded guilty to fraud in 1999.
It is believed the cosmetic procedures included breast enlargement surgery and rhinoplasty. There is no inference Mr Howard’s partner knew the money that funded their cosmetic surgery was that of his investors.
ASIC also found Mr Howard had failed to assist his trustee in bankruptcy.
“Mr Howard’s dishonest unauthorised use of the $1.8 million from clients led to ASIC finding that he was not of good fame and character,” the regulator said in a statement.
“Mr Howard’s conduct was particularly bad in that, on occasions, he preyed on elderly and vulnerable people,” Mr Price added.
Mr Howard came to ASIC’s attention back in and the ASIC’s investigations into Mr Howard and other associated individuals continue. Mr Howard will have the right to appeal the ban in the Administrative Appeals Tribunal.