Former mortgage broker found guilty
A former mortgage broker, Adrian Camilleri, has been found guilty on one count of fraud.
Camilleri was under investigation by the Australian Securities and Investments Commission for his conduct between December 2005 and September 2006, when he was the director of Asset Finance Service.
In December 2005 Asset Finance received $123,441 from an investor to be used for short-term secured loans, which were not invested. Camilleri fraudulently omitted to account for them, and the principal investment has not been repaid.
Camilleri’s bail has been continued and the matter will return to the New South Wales district court on June 5.
Recommended for you
The shift in scale and consolidation has led to substantial growth in large privately owned licensees, which have tipped past 20 per cent of advisers for the first time to make up 28.3 per cent of the industry.
ETF providers Betashares and BlackRock are reporting increased flows for currency hedged vehicles, but an adviser has warned on the potential tax implications of changing currency.
Bravura chair Matthew Quinn is to step down later this year, following the exit of CEO Andrew Russell, while its future priority is digital advice in Australia.
Financial advice has an important role to play in navigating family discussions around inheritance, according to CFS, with younger generations expecting a windfall of more than $500,000 while older ones try to meet their retirement needs.
