The Australian Securities and Investments Commission announced the ban on Monday after finding he lacked the judgment necessary to discharge the duties and obligations imposed on a provider of financial services.

Last year, Mr Evans pleaded guilty in the Melbourne Magistrates Court to one charge of vote-rigging in the 2015 WAW board elections.

He was placed on a 12-month good behaviour bond, conditional upon him paying $12,000 into the court fund and prohibiting him from providing financial advice to WAW customers for the duration of the bond.

In 2017, Mr Evans was examined twice by ASIC about his conduct in the director elections by misusing the personal details of WAW members to cast ballots on their behalf and without their authorisation.

ASIC released an update on the case on Monday.

"ASIC found the evidence given by Mr Evans in his February 2017 examination differed from the evidence he gave in his subsequent examination in August 2017, rendering Mr Evans's responses in the February 2017 examination false or misleading," the statement said.

"The delegate was satisfied that Mr Evans' conduct, in respect of his unauthorised voting in the 2015 WAW elections and the false or misleading evidence given by him in the February 2017 examination, demonstrate a repeated lack of judgment, giving ASIC reason to believe that Mr Evans is not of good character and that he is likely to contravene financial services law."

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Mr Evans has sought a review of the ASIC delegate's decision by the administrative appeals tribunal.

He misused the personal details of no less than 499 WAW members to cast ballots in the 2015 election for two candidates without authorisation of those members.

Subsequently one person was improperly elected to the WAW board and another person, who should have been elected, was not.

Former WAW chief executive Peter Challis was also investigated by ASIC relating to the 2015 board election and first appeared in Wodonga Court last year on one charge of contravening the Corporations Act.

ASIC has alleged Mr Challis knew the owner of the IP address from which the ballots were cast and didn't inform the WAW board.

It also alleges Mr Challis either dishonestly or recklessly failed to exercise his powers and discharge his duties as WAW CEO in good faith in the bests interests of the corporation or for a proper purpose.

Mr Challis was due to return to court for a committal hearing in May this year, but the hearing was adjourned until November.

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