The Australian Securities and Investments Commission (ASIC) has brought 18 charges of theft and dishonesty against a financial adviser in the Bendigo Magistrates Court.
The charges came about as the result of an investigation by the regulator into the business affairs of Matthew Leech during his employment term with a Kyneton accounting firm between July 1998 and November 2005.
ASIC alleged that Leech took advantage of his responsibility as a signatory to various cash management trust accounts to misappropriate clients’ funds. The corporate watch dog claims he was able to do this by forging clients’ signatures in order to withdraw funds for his own benefit.
In all, ASIC alleged Leech was able to siphon off a total of $1.3 million for his own use through his dishonest and deceptive conduct.
A committal mention in the Bendigo Magistrates Court for Leech has been scheduled for December 7, 2006.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
