Broker sentenced in Victoria Court
An ex-broker, Robert James Wilson of Kensington, Victoria, was sentenced in the County Court of Victoria to 18 month’s imprisonment after pleading guilty to two charges of theft, one charge of obtaining financial advantage by deception and one charge of obtaining property by deception. His sentence carries a 12 month suspended sentence.
Wilson was also ordered to pay $1,037 in restitution to BMG.
The sentence followed an Australian Securities and Investments Commission (ASIC) investigation.
ASIC alleged that between February 2004 and September 2005, Wilson misappropriated more than $119,600 from 14 clients and insurance premium funder BMG Finance. At the time, he was employed by Mark Prolisko Insurance Agency (MPIA).
Wilson deposited funds he obtained for general insurance products into bank accounts he controlled and did not pass the funds on to MPIA or the insurance provider. He also falsified insurance premium funding contracts to obtain finance from BMG and failed to pass on an insurance claim payout.
The Commonwealth Director of Public Prosecutions prosecuted the matter.
Wilson was permanently banned by ASIC in 2007 from providing financial services.
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.
