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The last three months have seen at least three high-profile court cases involving adviser misconduct, keeping the corporate regulator on its toes to wrap up a busy quarter.
A Melbourne financial adviser permanently banned by ASIC earlier this year is facing a maximum penalty of 20 years’ jail for obtaining financial advantage by deception, allegedly spending the money on race cars, boats, and helicopters.
With three separate financial advisers facing criminal proceedings this year having struggled with gambling problems, access to client money combined with a stressful job can be a “perfect storm”, according to experts.
A financial adviser has been found guilty by the District Court of Western Australia of stealing from clients.
A Western Australian financial adviser is on trial for allegedly stealing $1 million from the superannuation accounts of eight clients to fund his gambling habit.