A former Queensland financial planner has been sentenced to four and a half years imprisonment after pleading guilty to six fraud charges brought by the Australian Securities and Investments Commission (ASIC).
Robert Pierre Macville will serve the first 12 months of the sentence in jail, with the remainder suspended for five years.
Macville was accused of dishonestly re-directing client funds, totalling $467,432, into his own private company Macville and Gibson Holdings between March 2001 and July 2003 while he was employed by Mawson Securities as a financial adviser.
Mawson Securities terminated Macville’s employment in March 2004 for failing to comply with the provisions of its Australian Financial Services Licence. The dealer group then referred the matter to ASIC.
On October 20, 2005, ASIC permanently banned Macville from providing financial advice.
ASIC’s executive director of enforcement Jan Redfern said the outcome sent a clear message that people in positions of trust who misuse investor funds will not be treated lightly.
“We will continue to vigorously pursue those in the financial services industry that seek to take advantage of consumers,” she said.
Meanwhile, ASIC has taken further steps to educate consumers on getting financial advice, releasing a booklet containing tips including recommendations they deal only with licensed financial advisers, take time to find an adviser with whom they feel comfortable, and ensure the advice given suits them and offers value for money.
The pocket-sized booklet, Getting advice: A practical guide to personal financial advice, was developed in conjunction with the Financial Planning Association and is available directly from ASIC and through the FIDO website.
ASIC chairman Jeffrey Lucy said ASIC was also working with the financial services industry on other matters such as making sure Statements of Advice are fit for their purpose and meaningful to consumers.
