The regulator has made the orders against Calamvale-based financial adviser David Eduardo Cubilla following his conviction of fraud.
The conviction related to Cubilla stealing funds from a client’s superannuation account. Under the Corporations Act and the National Consumer Credit Protection Act, ASIC may permanently ban a person from providing financial services and engaging in credit industries if they are convicted of fraud.
Cubilla has been banned permanently from:
· Providing any financial services.
· Performing any function involved in the carrying on of a financial services business.
· Controlling an entity that carries on a financial services business.
· Engaging in any credit activities.
· Performing any function involved in the engaging in of credit activities.
· Controlling, whether alone or in concert with one or more other entities, another person who engages in credit activities.
The banning took effect from 27 December 2024.
Cubilla’s banning has been recorded on ASIC’s banned and disqualified register.
Cubilla was an authorised representative of Havana Financial Services from 28 July 2021 to 20 June 2023, AMP Financial Planning (AMP Financial Planning) from 1 July 2014 to 2 June 2021, GPL (VIC) from 29 September 2011 to 22 May 2014, and A.C.N. 116 900 362 Limited between 19 February 2008 and 29 September 2011. The fraud occurred while Cubilla was an authorised representative of AMP Financial Planning.
In June 2024, Cubilla was convicted of fraud under s408C of the Queensland Criminal Code and sentenced to seven years imprisonment. He will be eligible for parole on 11 June 2026.
Cubilla has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
