Financial planner jailed for nine years for $3.3m fraud
A Sydney financial planner was sentenced to a maximum jail term of nine years after pleading guilty to 12 counts of dishonestly obtaining financial advantage by deception.
Former Sentinel Wealth financial planner Gavin Fineff was sentenced at Downing Centre District Court on 21 April 2023, according to the Sydney Morning Herald.
The 44-year-old was first arrested at Chatswood Police Station in Sydney on Friday, 7 May 2021 by NSW Police after they received reports of an alleged fraud committed against an 86-year-old woman in March 2020.
He was charged with knowingly dealing with proceeds of crime intent to conceal and 18 counts of dishonestly obtaining financial advantage by deception.
The former financial planner revealed that he had a gambling addiction.
Fineff defrauded clients of just under $3.3 million between May 2017 and March 2020.
He was permanently banned by the Australian Securities and Investments Commission (ASIC) in June 2021.
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There has been a plethora of legislation since 2000 and despite the fact that 99.9% of advisers are perceived to doing the right thing by their clients, there's a few who tarnish the profession.
There is no excuse for stealing from clients.
The only way to stamp this kind of behaviour out is for government to make a minimum gaol sentence of 3 years for each $1m stolen or for each count the person has been found guilty of, which ever is the greater but each one to be served concurrently.
In other words, if $5M is stolen, it guarantees the perpetrator 15 years in the "slammer".
I'm sure some would be convinced that this is not the outcome they would prefer.
It would appear that nothing has changed since the Royal Commission.
The FASEA standards have done nothing to keep those who wish to fraud their client's finances.
Please don't mention the FASEA exam. It is the most unfair exam I have ever done, out of over 80 exams during my studies. The pass mark changes each sitting. The question has little to no relevance to financial planning. Also, there is no textbook to study; just read the Acts. Not to mention the Royal Commission report.
It would be interesting to see the stats on solicitors and accountants jailed for fraud and theft, but it seems not to be newsworthy.
How many CFPs were jailed.
I bet very few.
Be good to see an article on this and get Sarah (FAAA) to show the importance of dealing with a certified professional.
Give it some thought.
Except for the fact that Gavin Fineff WAS a CFP......
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