Ex-AMP planner sentenced
Former AMP financial planner, Trevor William Martin, has been sentenced to three years of imprisonment, to be served by way of intensive corrections order (ICO), for dishonestly obtaining $208,000 of client funds.
Martin, who was an authorised representative of The Salisbury Group and later, AMP-owned Charter Financial Planning Limited, pleaded guilty to offences he committed between June 2011 and April 2015, according to an announcement by the Australian Securities and Investments Commission (ASIC).
He was sentenced on 20 March, 2020, for three charges of s192E of the Crimes Act 1900 (NSW) with each resulting in a sentence of two years and three months, 18 months and nine months respectively, to be served concurrently to make a three-year aggregate sentence of imprisonment.
The judge determined Martin was suitable for an ICO that included 750 hours of supervised community service.
Judge Wass said Martin’s behaviour was a “breach of trust completely and grossly betrayed his clients”.
ASIC commissioner, Danielle Press, said: “Martin was trusted by his clients to manage their savings. He abused that trust by using their funds for his own benefit. The sentence shows the court’s approach to deterring dishonest acts such as these”.
Recommended for you
ASIC has banned a former AFSL director after he failed to adequately address fees-for-no-service conduct by one of his firm’s representatives.
The Financial Advice Association Australia has appointed two new board members following two weeks of voting, as well as one re-elected member.
Advice licensee Bombora has introduced a board of six financial advisers from its national network to ensure industry voices are heard collectively on future decisions.
Technology firm Iress and investment manager Challenger have formed a strategic partnership to launch an adviser solution to better serve their retiring clients.
