Advisor used clients' cash for school fees

Benita Kolovos

A Melbourne financial advisor has been banned for life after using money from his clients' super accounts to pay for private school fees.

Robert Shane Michael was on Monday permanently barred from providing financial advice by industry regulator ASIC.

An investigation by ASIC found the Bentleigh man "engaged in dishonest and misleading and deceptive conduct" when he took out $204,000 in loans from four of his clients' self-managed super funds between 2012 and 2018.

He went on to use the money for his own personal expenses, including gambling, paying private school fees and staving off bankruptcy.

The regulator found Mr Michael had "breached financial services laws and was not of good name and character".