Options adviser guilty of forgery
A former stockbroker and options adviser has pleaded guilty to 27 counts of forgery in the Adelaide District Court.
The charges were the result of an investigation conducted by the Australian Securities and Investments Commission (ASIC).
The regulator alleged Neville Kakoschke forged collateral document forms between September 2002 and March 2003 when he was employed by stockbroking firms Dicksons and Bell Potter Securities.
The forgeries allowed Kakoschke to use his clients’ shares as collateral for trading on other accounts as well as for his own personal options transactions.
Kakoschke’s actions meant some of his clients had no further collateral to continue trading, at which time the former stockbroker forged additional documents to allow these clients to participate in future trading activity.
In all, shares to the value of just under $1.3 million were placed at risk as a result of the forgeries.
Kakoschke has been remanded on bail for sentencing in the Adelaide District Court in September.
Recommended for you
ASIC has cancelled the AFSL of global advisory group Brite Advisors after compensation was paid to an individual by the Compensation Scheme of Last Resort.
Having taken some “quite tough medicine” during its 18-month transformation program, Iress is now doubling down on organic growth in the delivery of its wealth technologies.
The RIAA Conference Australia 2025 will take place later this month, featuring a range of sessions designed for financial advisers.
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
