According to ASIC, Ms Pearson, now residing in NZ, is the sole director and shareholder of Colisa Pty Ltd (Colisa). Colisa traded as Anmar Financial Consultants (Anmar).

Further, she was an authorised representative of Ballast Financial Management Pty Ltd (Ballast) for the period 1 November 2007 to 30 October 2013 and Colisa was a corporate authorised representative of Ballast for the period 1 November 2007 to 30 October 2013, ASIC said.

Ballast revoked her authorised representative status on 30 October 2013.

ASIC found that Ms Pearson engaged in conduct that was dishonest- including creating documents to disguise the fact that client money was paid into Colisa's bank account without the relevant client's knowledge or authority.

ASIC also found Ms Pearson engaged in conduct that was misleading or deceptive, in that she misled Ballast and specified clients into believing the clients' funds were placed in particular investments, when in fact, she had not done so.

ASIC said it is not investigating the conduct of Ballast itself.

"If a financial adviser engages in dishonest conduct, ASIC will remove them from the industry,” said ASIC commissioner John Price.