Former Bridges adviser pleads guilty to fraud
A former Sydney financial adviser has pleaded guilty to six charges relating to fraud and dishonest conduct.
The Australian Securities and Investments Commission (ASIC) charged Alan Leslie Brown with one count of obtaining money by deception, one count of using a false instrument and four counts of dishonest conduct.
ASIC alleged that Brown fraudulently withdrew funds totalling $600,000 from five clients’ accounts without their knowledge or authority between July 2002 and July 2008.
Brown also allegedly forged a client’s signature on a falsified withdrawal request to obtain funds for his own purposes, ASIC said.
Brown’s conduct was brought to ASIC’s attention by Bridges Financial Services, whom Brown was an authorised representative for between June 2007 and May 2008.
Bridges assisted ASIC with its investigation into the allegations of misconduct made against Brown.
Brown has been granted conditional bail and will return to the Sydney District Court on 20 May for sentencing.
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