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
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
