Clicky

Adviser convicted of dishonest conduct

A former financial adviser has been convicted in the District Court of New South Wales of engaging in dishonest conduct with investor funds, after eight charges were brought by the Australian Securities and Investments Commission (ASIC) and prosecuted by the Commonwealth Director of Public Prosecutions.

Gabriel Nakhl, of Illawong, New South Wales, pleaded guilty to all eight charges, which related to being knowingly engaged in dishonest conduct in relation to 12 investors. The charges were all brought under section 1041G of the Corporations Act.

The conduct occurred between March 2009 and March 2011, when Makhl was an authorised representative of Australian Financial Services Limited, and from March 2011 to September 2013, when he was the sole director of SydFA.

Related News:

Both companies had since been liquidated.

The judgment follows an earlier enforceable undertaking between ASIC and Nakhl in November 2013, in which the latter agreed to be restricted from providing financial services permanently and from managing a corporation for 15 years.

The matter was listed for a three-day sentencing hearing in March, next year.




Related Content

ABA pushes for end of fees from the deceased and grandfathering

After a Royal Commission littered with evidence of charging deceased clients fees, the Australian Banking Association (ABA) has announced that the Ban...Read more

Former financial services rep banned for stealing

The Australian Securities and Investments Commission (ASIC) has banned former financial services representative, Craig James Wilson, providing financi...Read more

Direct FX loses licence after six-month suspension

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Direct FX Trading Pty Ltd...Read more

Author

Comments

Add new comment