Perth stockbroker charged with fraud
A former Perth stockbroker has allegedly defrauded his clients of $8.8 million in total and is currently facing fraud charges in court, according to the announcement released by the Australian Securities and Investments Commission (ASIC).
While providing financial advice in relation to options trading between May 2005 and December 2008, it is alleged that Jonathan Kur - a former authorised representative of Hogan and Partners Stockbrokers Pty Ltd - intentionally hid trading losses he accumulated on three overseas client accounts.
Kur faced Perth Magistrates Court charged with 16 counts of fraud and one charge of dishonestly using his position as an employee of Hogan's.
The charges follow an 18-month ASIC investigation into Kur's conduct as an authorised representative of Hogan's.
He pleaded not guilty to the 16 fraud charges and guilty to the charge of dishonestly using his position as an employee of Hogan's.
Kur has been placed on bail, which was set at $50,000 and includes him surrendering his passport.
Money Management Top News Stories
News: Financial Planning Association in the red
News: HUB24 adds seven dealer groups to client list
News: Separating SMSF fact from fiction
News: AXA's upgraded North product doubles inflows
Roundtable: FOFA - the good, the bad and the ugly
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
