A former Bell Potter Securities adviser has been sentenced for dishonest conduct involving more than $1.7 million.
Lawson Stuart Donald of Maroubra worked as a client adviser for the stockbroking company between 1 February 2003 and 21 April 2008.
According to the Australian Securities and Investments Commission (ASIC), Donald pleaded guilty to one charge of using his position at Bell Potter with the intention of directly or indirectly gaining an advantage for himself or someone else, by transferring share trades from one client's account to another.
Specifically, Donald rebooked profitable trades from a client account to two accounts controlled by him, then sold those shares for a profit. He then rebooked non-profitable trades from his two accounts to a client's account, thereby avoiding a loss.
Facing Sydney District Court on 26 April 2013, Lawson received a 2-year 6-month sentence, fully suspended upon entering a 2-year good behaviour bond.
"ASIC will not tolerate unscrupulous financial advisers. This type of behaviour can erode investor and consumer confidence in financial services," ASIC commissioner Greg Tanzer said.
In October last year, former Bell Potter senior client adviser Glenn Russell Evans pleaded guilty to 10 of 15 charges of fraudulent conduct involving more than $1.06 million following an investigation by the regulator.
He was committed for sentencing on the 10 charges and committed to stand trial on five charges. All charges have been listed in the Sydney District Court on 2 November 2012 to obtain a date for sentence.
