Former adviser convicted of fraud
A former Tasmanian-based financial adviser has been convicted of fraud.
Ashley Grant Howard, of Hobart, Tasmania pled guilty to two charges of using using false documents to obtain a financial advantage or cause a financial disadvantage in Downing Centre Local Court in Sydney.
Between July 2013 and April 2014, Howard used false off-market transfer forms to transfer shares in GPS Alliance Holdings Limited, BHP Billiton Limited and Aquarius Platinum Limited to himself and an associate. The transfers occurred without the knowledge or authority of the 14 owners of the shares.
Magistrate Covington remarked upon sentencing that Mr Howard was in a position of trust as a financial planner when he used the false documents and that his offending had a degree of sophistication.
He was sentenced to a 12-month community corrections order.
He had previously been permanently banned from providing financial services by the Australian Securities and Investments Commission (ASIC) in October 2016 for engaging in dishonest conduct, unrelated to the court case.
The Commonwealth Director of Public Prosecutions prosecuted the matter after a referral from ASIC.
AUTHOR
Laura Dew
Recommended for you
Adviser willingness is the key hurdle to the uptake of ESG matters by financial advisers; they should not feel afraid or embarrassed if they are less familiar with what clients are seeking.
In his first move since the acquisition by Count, former Diverger managing director Nathan Jacobsen has taken up a new leadership role in the financial advice space.
Medical grounds are no excuse for compliance failures as a Victorian AFSL is sentenced for failing to lodge annual financial reports.
The balance of ASIC enforcement activity is skewed towards civil rather than criminal cases, but the corporate regulator says it is seeking to redress this balance.
Add new comment