Former Westpac manager cops permanent ban

In a statement today, ASIC announces that it had permanently banned Darren Jason Arnold, who until April 2014 was the bank manager of Westpac Banking Corporation in Northbridge, Western Australia.

According to ASIC, between December 2013 and March 2014, Mr Arnold used his position as a bank manager to make unauthorised withdrawals from various bank accounts in a friend's name, totalling $515,000.

ASIC banned Mr Arnold after he was convicted and sentenced in August 2015, in separate proceedings in the District Court of Western Australia, of nine counts of stealing as a servant and one count of gaining a benefit by fraud.

ASIC may ban anyone who is convicted of fraud under the Corporations Act 2001 and National Consumer Credit Protection Act 2009,.

Mr Arnold has the right to lodge an application for review of ASIC's decision with the Administrative Appeals Tribunal.

[Related: Former CEO jailed for defrauding major bank]