ASIC catches ‘collateral damage’ adviser
A former options adviser and stockbroker has appeared in the Adelaide Magistrates Court facing 52 forgery charges arising from an investigation by the Australian Securities and Investments Commission (ASIC).
ASIC alleges that over and 18 month period, beginning in September 2001, Neville John Kakoschke of Thorngate South Australia used client shares, without their consent, as security for trading on other client accounts as well as for his personal options accounts.
The regulator claims that Kakoschke forged collateral lodgement forms between September 13 2001 and March 11 2003 while employed as an authorised representative of two stockbroking firms - Dicksons Limited (July 14 1997 and June 8 2002) and Bell Potter Securities Limited (June 11 2002 and April 7 2003).
Kakoschke's actions, according to ASIC, resulted in some client’s having accounts that were trading beyond the personal financial means of the individual client which contributed to those individuals sustaining greater losses than they otherwise may have had.
Kakoschke was required to enter into a bail agreement in the sum of $5,000 and has been remanded to re-appear in the Magistrates Court on November 19 2004 for declarations to be filed, and again on December 17 2004 to answer the charges.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
