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
Recommended for you
ASIC has launched court proceeding 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.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
