Westpac planner behind bars
A personal crisis has cost a formerWestpacfinancial adviser three years imprisonment after she was charged with scamming $115,000 from clients to pay off her own credit card debts.
Brisbane’s District Court yesterday sentenced Heather Christine Munn to three years for fraud, with the possibility of Munn being released after six months.
The court heard testimonies from five customers at a Westpac branch in Brisbane’s suburb of Hamilton that they gave Munn money to put into various investment funds.
However, the money was not placed into the funds but instead deposited by Munn into her own account to pay off a staggering $200,000 credit card bill.
It is believed that Munn’s borrowed her aunt’s life savings of $60,000 to try to cover up the fraud.
It is understood that despite Munn’s having an excellent record previously, and a salary of up to $80,000, the credit card bill was notched up during a personal crisis caused by the break down of a relationship.
Recommended for you
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
Despite the perception that short-term market events shouldn’t affect portfolio decisions, Praemium research finds 60 per cent of advisers have made portfolio changes in response to US President Donald Trump’s decisions.
International advice group Findex has appointed a senior individual to spearhead its M&A and growth operations across Australia and New Zealand, seeking to make the brand a household name.
