Australian man Ashley Howard is like the Wolf of Wall Street. Picture: Supplied

He was a very successful financial adviser who lived a life of luxury.

He appeared to be making millions and indulged in an extravagant home and paid for his partner’s cosmetic surgery, like breast implants and a nose job.

But Mr Howard was dishonest, and robbed his clients of more than $1.8 million, showing he had similarities to Jordan Belfort.

Mr Belfort is the real Wolf of Wall Street and is a former stockbroker who pleaded guilty to fraud in 1999, for defrauding more than $200 million out of 1500 investors while working in New York.

He was also accused of running a boiler room, a small call centre selling dodgy investments on the phone.

Belfort confessed he lived a lavish lifestyle attending parties and doing recreational drugs.

After he pleaded guilty to fraud, he was jailed for 22 months before writing a memoir about his life, which was later turned into a Hollywood film starring Leonardo DiCaprio.

The real Wolf of Wall Street, Jordan Belfort.Source:Supplied

Belfort is still repaying debts to his own victims who were duped by his scheme, some were old and vulnerable.

Mr Howard too preyed on the elderly and those viewed as weak.

He engaged in unauthorised trading and offered financial services when he was not licensed or authorised.

Australian Securities and Investments Commission investigated Mr Howard and banned him from providing financial services again, because he failed to comply with the Corporations Act when he used his clients’ money.

He also provided false information and documents to clients and third parties.

ASIC commissioner John Price said “Mr Howard’s conduct was particularly bad in that, on occasions, he preyed on elderly and vulnerable people”.

Mr Howard even ripped off Mr Belfort when they were former business associates and Mr Belfort took legal action to send Mr Howard bankrupt.

He was in $255,000 debt to Mr Belfort and used the money from his clients to settle that debt.

It’s not clear where that debt came from.

Mr Howard was also the former chairman of Elsmore Resources Limited, which was floated on the Australian Securities Exchange in 2013.

ASIC started investigating Mr Howard in 2014 over the misappropriation of funds from investors, following the ASX listing.

Leonardo DiCaprio playing Jordan Belfort in the Wolf of Wall Street. Picture: SuppliedSource:Supplied

Elsmore also took legal action to recover misappropriated funds from Mr Howard and some of his colleagues.

Elsmore entered into a settlement agreement with Mr Howard, requiring him to pay back funds, but it is difficult for the company to enforce the agreement because Mr Howard is bankrupt.

Elsmore was delisted by the ASX on August 15 this year.

ASIC also found Mr Howard failed to lodge a statement of affairs to help his trustee in bankruptcy and he didn’t assist the liquidator of Meridien Capital Ltd, a company of which he was a director, by not giving them a report on the company’s affairs.

Mr Howard also did not give information required by the liquidator and did not produce records of the company.

He also failed to comply with notices from ASIC to produce documents and attend an exam.

Mr Howard can appeal the decision made to ban his financial services.

— olivia.lambert@news.com.au