Former Wealthsure adviser pleads guilty
A former WealthSure financial adviser has pleaded guilty to 22 criminal charges including falsifying client withdrawal requests.
Brian William Veitch was an authorised representative of WealthSure from 14 December 2005 to 23 February 2010.
Appearing in the Sydney District Court, Veitch pleaded guilty to 21 counts of using false withdrawal requests to cause the fraudulent transfer of approximately $500,000 from seven clients’ account without their knowledge or authority for his own purposes.
He also pleaded guilty to one count of providing a client with a false portfolio statement causing the client to believe that $300,000 was still in their account when it was not.
The charges follow an Australian Securities and Investments Commission (ASIC) investigation into Veitch’s former role as a financial adviser. He was permanently banned by the regulator in April 2011.
The matter will return to the Sydney District Court on 8 November 2013, with conditional bail to continue.
Recommended for you
With candidate retention a concern after a professional year, two large licensees have shared how they are structuring their programs to successfully ensure candidates are keen to remain beyond the year.
Evidentia Private has appointed PIMCO’s Haydn Scott as principal for private wealth solutions, focusing on asset consulting and private markets.
Financial advisers have been urged to consider the role they are using AT1 hybrids for in client portfolios when it comes to deciding on a suitable fixed income replacement, particularly for their retiree clients.
Private wealth manager Escala Partners has shared the difficult conversations that advisers need to have with their clients as strong sharemarkets prompt a portfolio rebalance.
