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
As private markets maintain their position in the spotlight amid ASIC scrutiny, an adviser and an investment specialist have highlighted the growing reliance on AFSLs to guide advisers’ use of the asset class.
Vital Business Partners has thrown its support behind ASIC’s review of advice businesses’ use of offshore service providers, urging business to reassess their own set-ups.
Forbes Fava Saville has announced the appointment of a new senior financial planner, expanding its ranks to help serve clients across its Victoria offices.
Marking off its first year of operation, Perth-based advice firm Leeuwin Wealth is now looking to strengthen its position in the WA market, targeting organic growth and a strong regional presence.
