An Adelaide-based financial adviser has been arrested for allegedly stealing $1.4 million from her clents’ investments and will face court today.
The Commercial and Electronic Crime Branch of the South Australian police yesterday arrested a 39-year-old woman with 134 counts of theft, totalling $1,388,000.
The woman was refused police bail and will appear in the Adelaide Magistrate’s Court today.
It will be alleged that the woman was working as a financial adviser when she stole money from her victims’ investments.
Investigations are continuing, according to a spokesperson for the South Australian police. Further victims may come forward, he said – and if they do, further charges may be laid.
Update: Tina Louise McPhee appeared before the Adelaide Magistrates Court on Wednesday.
According to court documents , the thefts began in August 2006 when Ms McPhee was working as a financial adviser and continued until October 2012.
SUBSCRIBE TO THE IFA DAILY BULLETIN
27 Jul 2016Synchron responds to new platform concernsBy Linda Santacruz
27 Jul 2016ASIC strips Sydney firm of AFSLBy Larissa Waterson
27 Jul 2016Work-life balance still a challenge for finance professionalsBy Staff Reporter
27 Jul 2016AFSL system is 'untrustworthy', says veteran adviserBy Adrian Flores
27 Jul 2016ASIC bans former adviser for five yearsBy Staff Reporter
26 Jul 2016ASIC bans former ANZ adviserBy Staff Reporter
- view all