Tasmanian financial adviser banned permanently
The Australian Securities and Investments Commission (ASIC) has permanently banned Tasmanian financial adviser, Kenneth David Drake, from providing any financial services in the future for stealing a total of $940,935.09 from two elderly clients of his practice.
He was formally convicted of two counts of stealing by the Supreme Court of Tasmania in April 2016, following an investigation by Tasmania Police, and was sentenced to six and half years in jail. Additionally, he will be eligible for parole only after serving half of his term.
According to ASIC, over the course of six years, Drake carried out 64 unauthorised transactions on his client's accounts and, on a number of occasions, he forged the signatures of the clients to facilitate the stealing.
ASIC deputy chairman, Pater Kell, said that ASIC would continue to remove people from the financial services industry who "act dishonestly and breach the trust of their clients".
Drake has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
AUTHOR
Oksana Patron
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
