Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Ex-adviser charged for deception

financial-planner/

26 May 2021
| By Jassmyn |
image
image image
expand image

In another round of what is likely to be adverse publicity for financial planners, an ex-Sydney financial adviser has been arrested for allegedly defrauding multiple clients of $3.3 million.

Money Management understands the adviser had been subject to reports last year that he had gambled $8.4 million of stolen money which the adviser admitted to on television.

According to reports by the Sydney Morning Herald, NSW Police said the adviser who worked in Sydney CBD defrauded clients between May 2017 and May 2020 for $3.92 million.

The report said police began investigating the adviser in March 2020 after an 86-year-old woman was allegedly defrauded and police had since received information about other alleged victims.

The man was charged with 18 counts of dishonestly obtaining financial advantage by deception and one count of knowingly dealing with proceeds of crime and intending to conceal the proceeds of the crime.

The man was due to face Hornsby Local Court today.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 weeks 6 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

3 weeks 6 days ago

So we are now underwriting criminal scams?...

7 months ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

3 weeks 1 day ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

3 weeks 5 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND