Former financial planner receives two year sentence
Former South Australian financial planner Trevor Wayne Carll has been sentenced to two years in prison with a 13-month non-parole period.
Carll deceived two clients about the intended use of signed documents and dishonestly arranged for their assets totaling $900,000 to be held as security for his personal margin loan facility.
The former planner also provided false documents intended to deceive Macquarie Bank Limited to release the clients' funds without their knowledge.
The charges relate to Carll's conduct between 31 May 2005 and 16 October 2008 whilst he was an authorised representative of Financial Wisdom and Financial Planning Services Australia.
Australian Securities and Investment Commission (ASIC) Commissioner Peter Kell said the sentence should act as a deterrent to other fraudsters within the financial planning industry.
"The jailing of Mr Carll today, and his previous banning from providing financial services, should serve as a deterrent to any other financial adviser tempted to deceive their clients or act dishonestly," he said.
Licensees tipped off the regulator which led to an ASIC investigation into Carll, who pled guilty to one count of deception and two counts of dishonest dealings in June last year.
He was permanently banned from providing financial services in February 2011 before 27 charges of dishonest dealings were laid in September 2011.
The September charges were in relation to documents provided to Macquarie Bank between 21 June 2004 and 20 May 2010 whilst Carll was a representative of three planning practices.
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