The Australian Securities and Investments Commission recently banned Richards after he was director of four failed companies based at Ulladulla - Longbeach Estate Pty Ltd, Longbeach Lifestyle Pty Ltd, Richards Corporate Consulting Pty Ltd and Lisa Richards Pty Ltd.

The companies went bankrupt owing more than $2 million to unsecured creditors and more than $1 million to the Australian Taxation Office.

A report presented to ASIC by the liquidators said dividends for outstanding creditors were likely to be less than 10 cents for every dollar owed.

ASIC imposed the ban on Mr Richards after finding he failed to act without the required care and diligence and "with a lack of commercial morality" over the tax debts accrued by Longbeach Estate Pty Ltd and Longbeach Lifestyle Pty Ltd.

ASIC also found Mr Richards failed to keep proper books and records to adequately explain the companies' transactions.

While Mr Richards has appealed the decision, the ban is the latest action taken against the former Ulladulla accountant.

Last year the National Institute of Accountants suspended his licence and then expelled and fined him following an investigation into his business dealings.

The NIA hit Mr Richards with a $5000 fine and costs of $1000 after finding him guilty of conduct that breached the NIA's constitution and professional requirements.

While the NIA would not reveal details of the complaints it investigated, they are understood to have involved claims of fraud, poorly constructed investment advice and the failure to inform clients they were investing in related entities of the accountant.

The organisation viewed the matters so seriously it took the unprecedented action of suspending Mr Richards' membership before the disciplinary tribunal met.

But that action was too late for a large number of people, with Richards leaving a trail of broken dreams and shattered lives along the South Coast.

Several of Richards' former clients lost their homes after following his advice.

He is believed to have taken $40 million out of the local region.