An Adelaide man has received a fully suspended six-month prison sentence for assisting the unlicensed Power Financial Planning to encourage clients into Westpoint investments.
Russell Collins-McBride is a former franchisee of Power Loan. While he was in that role Collins-McBride assisted Power Financial Planning to arrange for clients of Power Loan’s proprietor to invest more than $8 million in financial products, which included Westpoint promissory notes, the Prime Retirement and Aged Care Property Trust and two Kebbel Development Capital funds.
Collins-McBride pleaded guilty to aiding, abetting, counselling and procuring Power Financial Planning to carry on a financial services business without an Australian Financial Services Licence.
Collins-McBride was sentenced to six months imprisonment but this was fully suspended on the basis of a three-year good behaviour bond.
The charges were brought by the Australian Securities and Investments Commission and prosecuted by the Commonwealth Director of Public Prosecutions.
