ASIC bans jailed ex-planner
A former financial planner who is serving a 13-year prison sentence has been permanently banned from providing financial services and engaging in credit activity by the Australian Investments and Securities Commission (ASIC).
South Australian, Tina Louise McPhee, pleaded guilty to 181 counts of theft and receiving, at Adelaide Magistrates Court in November 2013.
The court heard McPhee obtained approximately $1.9 million, while she was trustee of investment money for six of her clients - brain injury compensation payments for two of her victims and compensation payments for four children who lost their mother and sibling in a car accident.
McPhee was sentenced to 13 years jail with a 10-year non-parole period on 16 May 2014.
McPhee was formerly employed as an authorised representative of AMP Financial Planning Pty Ltd between 15 April 2004 and 22 May 2009.
Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may ban anyone who is convicted of a fraud offence.
McPhee has the right to appeal to the Administrative Appeals Tribunal for review of ASIC's decision.
AUTHOR
Nicholas O'Donoghue
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