Ex-Adviser faces jail over $9m fraud
A former financial adviser is facing a maximum of 12 years in jail after his lawyer announced his intention to plead guilty to 54 fraud charges.
Thanh Quoc Tu, 38, a former employee of Patersons Securities Limited in Brisbane, is alleged to have misled 18 clients to invest a total of $9,179,973.
An Australian Securities and Investments Commission (ASIC) investigation alleged that Tu's conduct included providing false documents such as certificates of investment.
A statement from ASIC revealed that Tu worked with Patersons from September 2008 until his employment was terminated in September 2013.
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