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.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.