Serious fraud of $300,000 leads to permanent ASIC ban

A Brisbane-based financial services employee has been permanently banned by the Australian Securities and Investment Commission for fraudulently transferring client money into her own accounts.

Emma Maree Radke provided administrative services via a related company of Fitzpatricks Private Wealth between 2011-2018.

Between January, 2017 and January, 2018, the District Court of Queensland said Radke transferred nearly $300,000 of client and corporate funds into her personal accounts.

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While she was not an authorised representative at the time, she had worked previously as a financial adviser and held trusted positions in the industry.

Such was the dishonesty of the act, ASIC felt she should be permanently excluded. It also felt the decision was in the interests of promoting confident and informed participation by consumers.

The matter was initially reported by Fitzpatricks who had taken steps to remediate impacted client accounts and Radke was sentenced to six years’ imprisonment in April 2019.

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