Another Westpoint-related conviction
An Adelaide man has received a fully suspended six-month prison sentence for assisting the unlicensed Power Financial Planning to encourage clients into Westpoint investments.
Russell Collins-McBride is a former franchisee of Power Loan. While he was in that role Collins-McBride assisted Power Financial Planning to arrange for clients of Power Loan’s proprietor to invest more than $8 million in financial products, which included Westpoint promissory notes, the Prime Retirement and Aged Care Property Trust and two Kebbel Development Capital funds.
Collins-McBride pleaded guilty to aiding, abetting, counselling and procuring Power Financial Planning to carry on a financial services business without an Australian Financial Services Licence.
Collins-McBride was sentenced to six months imprisonment but this was fully suspended on the basis of a three-year good behaviour bond.
The charges were brought by the Australian Securities and Investments Commission and prosecuted by the Commonwealth Director of Public Prosecutions.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
