News briefs – 18 November 2004
Fraudster busted
A former tax agent, accountant and financial planner has been jailed for six-and-a-half years in the Western Australian District Court after being found guilty of tax fraud of more than $3 million.
George Thompson, 38 of Albany, pleaded guilty to 158 charges between 2000 and 2003. The charges included alterations to client tax returns without their knowledge, claiming false deductions, incomes and tax instalments, and transferring the money to his own bank accounts.
Fools Gold
Three agents of offshore Internet currency exchange businesses have been shut down by the Australian Securities and Investments Commission (ASIC) after they were found to be illegally operating their respective currency bartering schemes in Australia. ASIC has also issued a general warning to consumers to exercise caution in using existing offshore electronic currency trading web sites, most of which claim to be backed by gold bullion in allocated storage. The companies — Stevens IT, Sydney Gold Sales, and Fountainhead Management — have all voluntarily ceased to trade after being found operating without an Australian Financial Services Licence. The trio ran Internet sites that converted conventional currencies to electronic currencies and vice-versa, with claims of allowing consumers to more efficiently invest money around the world.
FI stars
Index hugger Vanguard and specialist bond manager Pimco have been rated the pick of international fixed interest managers by research group Morningstar.
In its latest sector review of global fixed interest managers, Morningstar awarded both Pimco and Vanguard a ‘highly recommended’ rating — the research house’s highest overall ranking. Other mangers to perform well were Barclays Global Investors, BT alliance partner Blackrock and Macquarie, all of whom were handed a ‘recommended’ rating.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
