Suspended Victorian MP Geoff Shaw was also sanctioned and suspended by the peak professional association in his previous career as a financial adviser.
But a spokesman for Mr Shaw said the Member for Frankston was no longer a member of the Financial Planning Association (FPA) when it made a determination against him and was unaware of the penalties.
Mr Shaw, who is suspended from state parliament until September 2 for misusing his taxpayer-funded car, was fined and suspended by the Financial Planning Association in 2009, according to Fairfax.
Mr Shaw had worked as a certified accountant for a number of years before establishing an accounting business in 1992.
One year before he was elected to state parliament as a Liberal MP, the FPA's conduct review commission found he had disregarded the body's rules over investment advice given to a client couple, and imposed a one-year suspension and $5000 fine, Fairfax reports.
Mr Shaw's spokesman said the Liberal-turned-independent had let his FPA membership lapse, no determination was communicated and the fine was not followed up by the association.
"Geoff was aware of the complaint when it was made, but by the time any sanction or determination was handed down he was no longer in the association," a spokesman for Mr Shaw told AAP.
"He had let his membership lapse ... no determination was ever communicated."
When asked why the sanctions weren't discovered during the Liberal Party preselection process, Roads Minister Terry Mulder said it was up to each candidate to declare information that could impact their candidacy.
"Whether or not they believe it's an issue there, is up to them," Mr Mulder told reporters on Sunday.
"It's up to each and every person that goes through that process to detail any other relevant information they believe could have an impact on their candidacy going forward."
Mr Shaw will hold the balance of power in the Victorian parliament when he returns from his suspension in September.
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