Dishonest adviser faces decades in jail

A former Adelaide financial adviser has pleaded guilty to 29 dishonesty offences committed when he was a planner, in a matter that the Commonwealth Department of Public Prosecutions has picked up following an investigation by the Australian Securities and Investments Commission (ASIC).

The regulator alleged that James Gibbs, then a planner and director at James Gibbs Investments, stole approximately $4.88 million of funds that he was managing for his clients between 20 August, 2009 and 30 July, 2016.

Several of these clients had self-managed superannuation funds (SMSFs), which Gibbs was able to access via client bank accounts.

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It also alleged that from 25 June, 2012 to 30 July, 2016, Gibbs created and used false documents, such as banking documents and member statements.

Gibbs would now face a maximum penalty of 10 years imprisonment for each offence committed before May 2012, and 15 years for each one after, when the matter appeared in the committal court at the end of this month. He pleaded guilty to all offences in the Adelaide Magistrates Court last Friday and was granted bail until his committal.

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Probably no recourse for these people. Swimming outside the flags with an SMSF. How much money has been lost and never recovered by the independent advise sector hmmm? Do a few DFP subjects, throw in your car sales job and start a financial planning business. Excellent!

For child abuse, a priest gets 6yrs!! ...and a financial misadviser and a fraudster gets 10+15 yrs for each extra offence. How does this logic work. Once it's playing with someone's life with irreversible damage and another with money, that can be recovered in some form or other !!

If he was a union leader he could rip off $20mill of member funds, divorce his wife so she keeps over 50% of all their illegal assets, sign a plea bargain to repay $5mill for a reduced sentence and then the very next day declare bankruptcy so he doesn't have to pay anything, spend only 5 years in jail and then on release be miraculously reconciled with his ex-spouse - just like the ex HSU boss Michael Williamson recently on 9 March (funny how this news was suppressed and yet affected so many union/Labor members and average Aussies...)
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