Townsville adviser jailed for fraud
Former authorised representative of FTL Financial Advice, Neil Francis Dodd, has been jailed for eight years for fraud.
Dodd pleaded guilty in Townsville’s District Court to 13 charges of fraud following an investigation by the Australian Securities and Investments Commission (ASIC). He was convicted of dishonestly gaining a benefit for himself and his company, Understanding Retirement.
ASIC commenced proceedings to wind up the company in July 2008, as well as N.F. and J.M. Dodd & Associates. Dodd was a director of both companies.
ASIC found that many of Dodd’s clients, who had approached him about general investment and superannuation matters, had been asked by him to purchase shares in Understanding Retirement.
A total of $925,250 was provided to Dodd to purchase shares or invested in other products, but was instead spent by Dodd on personal and business expenses, ASIC found.
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