Promoter jailed for pocketing investment funds
A Brisbane-based investment scheme promoter has been sentenced to two and a half years imprisonment after pleading guilty to three counts of dishonestly gaining a financial advantage.
The Australian Securities and Investments Commission (ASIC) brought proceedings against promoter Patricia Rayleen Jenkins of Shailer Park, Brisbane, following an investigation into the promotion of an unregistered managed investment scheme operated by Arafura Equities from 2003 that involved the trading of funds on the foreign currency exchange.
According to ASIC, Jenkins accepted funds from investors and forwarded them to Arafura. However, the regulator alleged Jenkins failed to forward funds from three investors to the company. She was charged on three counts of dishonestly gaining a financial advantage of $132,000 for Jenkins Increase Pty Ltd between June 16 and August 9, 2005.
Jenkins will be eligible for parole after serving a minimum of eight months.
Recommended for you
With the high cost of advice keeping young Australians locked out of advice, a fintech provider has said digital advice is key for licensees to capture this unadvised demographic.
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
