Fraudulent adviser caught out
A former Victorian financial adviser has pleaded guilty to 19 fraud-related charges following an Australian Securities and Investments Commission (ASIC) investigation.
Matthew David Leech had worked for an accounting practice in Kyneton, Victoria where from 1998 to 2005 he misappropriated funds, which included superannuation and compensation lump sum payments, from 15 different clients.
He pleaded guilty to four counts of theft and 13 counts of obtaining either a financial advantage or property by deception involving the misappropriation of $1.3 million.
Leech also pleaded guilty to one count of creating false documents and one count of using his position as a director of a company, Nataimosh, to gain a personal financial advantage of $51,450.
Last year, ASIC permanently banned Leech from providing financial services.
Recommended for you
Hot on the heels of its AMP advice acquisition last year, Entireti has acquired licensee solution provider IOOF Alliances from Insignia, enhancing its offering for self-licensed advisers.
Over 600 AFSLs – a third of the total number – are operating with just one adviser, according to Wealth Data, reflecting the rise of self-licensing.
Wealth management firm LGT Crestone has appointed Darragh Kennelly as a senior investment analyst to help the firm scale its alternatives platform.
A failure to implement a succession plan could negatively impact the sale price of an advice firm, with almost half of practices telling CFS that they would struggle to operate without their owner.
