Association looks at recovering stolen money
The FPA will seek to recover almost $300,000 stolen by one of its former staff members, says chief executive Michael McKenna.
The FPA will seek to recover almost $300,000 stolen by one of its former staff members, says chief executive Michael McKenna.
Carol Dawn Fairbairn of Mulgrave pleaded guilty to five charges of theft and one of attempted theft in the Melbourne County Court ear-lier this month. She stole a total of $297,103 from the FPA between 1996 and 1997 when employed in the association's accounting section.
The money was used to support Fairbairn's gambling habit, the court was told.
McKenna says the association will be looking at taking a restitution order out against Fairbairn in an attempt to recover some of the sto-len money.
The FPA is also seeking legal advice on recovering some of the stolen funds from bankers which honoured altered cheques presented by Fair-bairn.
"We are looking at all legal avenues to recover the money, but the situation at present is at a delicate stage," McKenna says.
Fairbairn has been remanded for sentencing at a later date.
Recommended for you
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.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
