Sam Henderson sentenced to two years good behaviour
Royal Commission witness and former financial adviser Sam Henderson has been sentenced to two years of good behaviour and has been fined $10,000, according to an announcement by the Australian Securities and Investments Commission (ASIC).
The former chief executive, director, and senior financial adviser of Henderson Maxwell was convicted of charges relation to defective disclosure documents and dishonest conduct.
In handing down her sentence, Magistrate Atkinson noted the need for the court to send a message to the community at large that being a financial advisor is a specialist position. Marketing material and websites, including qualifications, needed to be correct.
She applied a 25% discount to the sentence due Henderson’s guilty plea.
On 25 August, 2020, Henderson pleaded guilted to one ‘rolled up’ charge of dishonest conduct, an offence under section 1041G of the Corporations Act 2001 (Cth), and two counts of making a disclosure document available to a person knowing it to be defective, contrary to section 952D(2)(a)(ii) of the Corporations Act.
ASIC alleged and the Court had declared that Henderson made false representations that he had a Master of Commerce between 1 July 2010 and November 2017, when he did not.
ASIC also alleged Henderson breached the law in two instances in 2014 and 2016 by giving two clients a Financial Services Guide, containing the false representation that he held a Master of Commerce (Financial Planning).
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