No end to Wattle linked convictions
Another adviser associated with the notorious Wattle Group has pleaded guilty to 62 charges arising from anAustralian Securities and Investments Commission(ASIC) investigation.
Ian William Snook, formerly an investment adviser and principal of Golconda Resources, appeared in the District Court in Adelaide yesterday to face charges relating to his activities in promoting investments directly, or via his company, into the failed Wattle investment scheme.
Earlier this month, Anne Shirley Corbett and Robert Edward Corbett of Anscor, which was responsible for administering the Wattle Group’s investments, also pleaded guilty to charges of contravening the Corporations Act, while in July, Anscor general manager Kenneth Edwin Parker was sentenced to a $1,000 three-year good behaviour bond.
Other recent convictions arising from ASIC’s investigation include Rodney James Mackay and John Andrew Allen of Mackay & Allen, who pleaded guilty to being knowingly concerned in the scheme, and Australian Secured Mortgages’ Bruce Raymond Walden, who was sentenced to a $2,000 three-year good behaviour bond.
The Wattle Group was an unlicensed investment scheme which raised more than $160 million from over 2,700 investors across Australia, operated by Geoffrey Robert Dexter, who was convicted of multiple fraud charges and jailed for 10 years in 2001, following ASIC’s investigation.
Snook was remanded on continuing bail to appear in the Adelaide District Court for sentencing on September 25.
Recommended for you
Two commentators have shared why cultural alignment can be the biggest deal breaker when it comes to advice M&A and how to ensure a successful fit.
Formal education has played a large role in enhancing the advice profession over the last decade but, with the bar now so high, two advisers debate whether it is necessary to complete additional study.
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
