South Australian adviser charged with fraud

Written by Tim Stewart Wednesday, 24 July 2013

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.

Add comment


Security code
Refresh

Comments   

 
0 #1 Advice Body 2013-07-24 10:34
Was she an accountant or member of NTAA?
Quote
 

Feature Video

Latest Blogs

where-the-ball-is-going

Where the ball is going

Santi Burridge, Implemented Portfolios: Since 2007 our team has been undertaking Study Tours to the USA. Initially our objective was to understand what best practice in investment management looked...More >>
room-to-co-exist

Room to co-exist

Mai Platts, BetaShares: I recall a meeting I had with a financial planner roughly three years ago where I asked “How familiar are you with ETFs”? The response...More >>
professionalism-process-and-peace-of-mind

Professionalism, process and peace of mind

Andy Marshall, Zurich Financial Services Australia: Financial planning and the professionalism of the industry is under challenge. The challenge is not from existing clients who are actively engaged in the advice...More >>

Latest Comments

  • Genesys splinter group emerges

    Has anyone ever checked to see the lifespan of financial advisers and the effect that relaxation and de-stress would have on this longevity. I know ...
    02 Sep 12:35  
  • ASIC backs AFSL ownership disclosure

    J The more Xero clients the higher the rate of commission. Don't start on audit insurance. Or SMSF 'advice' from Accountants.
    01 Sep 16:39  
  • CBA urges general advice re-classification

    Does this suggest FPA’s providing advice will have to stipulate when they are giving “sales or product information”? As distinct from personal advice?
    01 Sep 16:19