Sydney adviser jailed
A former Sydney financial adviser has been jailed and former Melbourne financial adviser, Ian Bristow, has been banned for three years from managing a corporation following two separate actions initiated by the Australian Securities and Investments Commission.
An investigation by the securities watchdog has led to a three-year jail term for the former Sydney financial adviser on fraud charges, and the three-year banning of a former adviser from managing a corporation on charges of promoting illegal investment schemes.
Tunde Doja was sentenced to a minimum three years and eight months by the Sydney District Court on six charges of fraudulently obtaining a financial advantage by arranging 100 per cent investment loans through Macquarie Bank.
The investigation by the Australian Securities and Investments Commission found Doja had submitted loan applications to Macquarie Bank on behalf of investors that contained false information in relation to their financial position.
Doja was also found guilty of fraudulently obtaining commissions totalling $740,025 from Capital Guaranteed Investments and $341,352 from MAN Investments Australia.
An ASIC investigation has also lead to a three-year banning of former financial adviser Ian Bristow from managing a corporation.
The Federal Court issued the consent orders after it was found that Bristow, and his company Earning Pty Ltd, operated five unregistered managed investment schemes between May 2006 and March 2008.
The court ordered that Earning be wound up, along with his other financial services business, Money Matters Financial Solutions, which is now in liquidation.
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