Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Adviser convicted of dishonest conduct

ASIC/financial-planning/

18 June 2018
| By Hannah Wootton |
image
image image
expand image

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.

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

2 days 19 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

3 weeks 6 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

4 weeks 1 day ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

5 days 13 hours ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND