$6m fraud lands former adviser in jail
A former financial adviser has been jailed for defrauding more than 150 of her clients over two decades.
Melinda Scott, a former authorised representative of ANZ-owned Millenium3, created false documents to drain $5.9 million from 157 of her clients, many of whom were invested in superannuation and annuities products, according to the Australian Securities and Investments Commission (ASIC).
Scott will serve three years and 10 months before she will be eligible for parole, after pleading guilty to dishonest conduct and falsifying documents late last year.
ASIC Deputy Chairman Peter Kell said, "Ms Scott's actions were deliberate and deceitful and undermined the absolute trust placed in her by clients. Her jailing today should send a message that acts of fraud will not be tolerated by the community".
Recommended for you
ASIC has banned a Melbourne-based financial adviser for eight years over false and misleading statements regarding clients' superannuation investments.
CFS has formed a strategic partnership with the University of Sydney to support the responsible development of AI solutions in the wealth management sector.
Increasing traction among high-net-worth advisers and a stabilisation in adviser exits have helped Praemium report quarterly net inflows of $667 million in the third quarter of 2025.
ETF provider VanEck has announced its intention to launch a uranium and energy solution as global political agendas point to expansion in this sector.
