Banned adviser charged with fraud
A former financial planner has faced the Brisbane Magistrates Court on seven fraud charges relating to activities that left his clients more than $126,000 out of pocket.
Scott James Dawson of Warner, Queensland, was charged by the Australian Securities and Investments Commission (ASIC) with seven counts of dishonestly causing detriment to six clients totalling $126,754.33 between February 2002 and June 2004. Dawson was also charged with one count of uttering a forged document.
He was released on bail and the matter was committed to the Brisbane District Court on a date to be fixed. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
This is not the first time Dawson has been charged by ASIC. In 2006, the regulator permanently banned Dawson from providing financial services.
The former authorised representative of Synchronised Business Services was fired from the company after failing to comply with the provisions of its Australian Financial Services licence.
Following Dawson’s departure, Synchronised Business Services referred the matter to ASIC, which found he had engaged in dishonest, misleading and deceptive conduct in relation to a number of financial products, including superannuation and share advice provided to his clients.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
