Motivational speaker and investment spruiker charged
Former high-profile motivational speaker, Christopher Koch, has been found guilty in the Melbourne County Court of charges brought by the Australian Securities and Investments Commission (ASIC).
Koch was found guilty on Friday, 11 June 2010, after a nine-week trial on 15 counts of obtaining property by deception and seven counts of obtaining a financial advantage by deception, totalling over $1.1 million.
He was also charged with one count of making an offer or invitation in a prescribed interest scheme totalling more than $1.7 million.
Between 1996 and 1999, Koch promoted a fictitious, international, high-yield investment program in which investors were told they would receive returns of between 50 and 150 per cent in as little as 90 days. ASIC investigation revealed that he used most of the funds for his own purposes.
Koch has been remanded in custody to a date to be fixed for sentencing.
On the same day, ASIC permanently banned Steven James Ker from Western Australia from providing financial services.
Investigation revealed that between 18 December 2006 and 31 December 2008, Ker had engaged in dishonest conduct by repeatedly representing to clients that they had insurance policies in place when they did not exist, exposing clients to potential losses.
Recommended for you
Adviser losses this week are quadruple the same period a year ago, with the industry falling into negative territory for the last 12 months.
Colonial First State has announced the latest manager to join its Edge managed accounts menu, focusing on providing investors with a strategic income.
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
