Former NAB planner in the dock
A former National Australia Bank financial planner is facing criminal charges for allegedly defrauding bank customers of more than $4.7 million over a seven-year period.
Paul Drakos, 53, from the Central Coast in New South Wales, appeared in the Downing Centre Local Court last week on 14 criminal charges brought by the Australian Securities and Investments Commission (ASIC).
Drakos faces eight counts of obtaining a financial advantage by deception, two counts of fraudulent misappropriation and four counts of making and using false documents.
Drakos was an authorised representative of the National Australia Bank (NAB) from October 1994 until August 2001, during which time the alleged crimes were committed.
An ASIC investigation allegedly found Drakos made recommendations to a number of NAB clients between 1997 and 2001 to invest in BSI Corp, an entity based in the Bahamas that was not a NAB-approved investment product.
NAB has made restitution to most of Drakos’ former NAB clients who lost their investments.
ASIC permanently banned Drakos from acting as a representative of a dealer or investment adviser in January 2004.
Drakos’ bail was continued last week and he must report to Gosford Police Station each week. He will reappear in the Sydney District Court on October 28, 2005.
Recommended for you
ASIC has cancelled the AFSL of a Gold Coast advice firm, its tenth AFSL cancellation since the start of the year with the majority being advice firms.
Career changers, such as accountants and teachers, are a valuable demographic for potential advisers as industry commentators say adviser numbers are “not touching the sides” of consumer demand.
Financial advisers and wealth managers need to exceed their clients’ desires for personalisation, a new EY report writes, and the requirements for this will vary between client segments.
Betashares chief executive, Alex Vynokur, believes technology advancements will enable banks to return to financial advice in the future as the need for advice is greater than ever.