Former ANZ AR convicted
Former authorised representative of ANZ-owned Millenium3, Melinda Scott (also known as Melinda Fletcher), has been convicted of managing a corporation whilst disqualified.
Scott was previously disqualified from managing corporations for 25 years, until 2 December, 2037 and permanently banned from providing any financial services following court orders obtained by ASIC in 2012.
Scott appeared in the Downing Centre Local Court on 14 December, 2021, and was conditionally released on a two year bond with a $1,000 recognizance, under s20(1)(a) of the Crimes Act 1914.
Following an Australian Securities and Investments Commission (ASIC) investigation, it was alleged that between 5 August, 2019 and about 9 February, 2021, Scott:
- Incorporated Driven by Results and acted as the company’s sole director, sole shareholder and sole employee;
- Used Driven by Results to conduct business as a chauffeur driver; and
- Opened and operated three bank accounts held in the name of Driven by Results while listed as the sole signatory.
In 2015, Scott was jailed for three years and 10 months for defrauding over 150 clients over two decades.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.