In a statement issued yesterday, ASIC announced that accountant Mark Ronald Letten, former principal of Lettens Pty Ltd, has pleaded guilty to charges that include operating 21 unregistered managed investment schemes, following an ASIC investigation.
“Between 1998 and 2010 more than 1,000 investors placed more than $100 million in investment property schemes in Australia and New Zealand,” the statement said. “Mr Letten managed and promoted the projects through a number of companies including LGH Holdings Ltd.”
The accountant is facing a maximum sentence of five years’ imprisonment for each charge relating to unregistered managed investment schemes, and two years’ imprisonment for running an unlicensed financial services business.
Mr Letten will reappear in the Victorian County Court in May.
Gav, of course it wont. It was Government sponsorship of the ISA and Union shonks that allowed the wholesale degradation of Financial planners as a result of Storm. Accountants have nothing the ISA and Union shonks want and this and other examples will simply fade away. Alternatively they will rename the Accountant in question a rouge Financial planner/adviser and continue the assault on FPs.
[quote name=”Gav”]…and will this evoke a “Storm-type” response from government that sees ALL accountants treated / attacked / maligned / regulated as if they would do, or are doing, the same thing to ALL their clients?[/quote]
Unfortunately like with the Financial Planning Profession (and yes it is a profession I am proud to be part of!) a few rotten apples spoil everything. Accountants are “self-regulated” by their Professional Associations are they not? Clearly there is room for improvement on their part. Licensing is a GREAT thing…it keeps us all honest.. ASIC needs to target the UNLICENSED! and that includes Accountants!
…and will this evoke a “Storm-type” response from government that sees ALL accountants treated / attacked / maligned / regulated as if they would do, or are doing, the same thing to ALL their clients?
[quote name=”edward”]Give the man credit where it’s due, he managed to pull off $100 Million in funds which is a lot more than register/licensed financial planners do nowadays![/quote]
Yes, it’s amazing how much you can achieve when you are not over-burdened with regulation!!!
Give the man credit where it’s due, he managed to pull off $100 Million in funds which is a lot more than register/licensed financial planners do nowadays!
I am wondering if this Accountant’s acitviites where brought to the attention of his professional association and the action that association took (if any).
The fact he was running an unlicensed Financial Services Business and unregisted managed investment schemes using property development says a lot about the lack of self regulation or education by the professional association. Did this guy even know what a Financial Services Business is and the higher bar true professionals need to meet to play in the space… Could it be that the ROGUES are “unlicensed” in a post FSR, FOFA world? If so ASIC needs to dedicate resources and scrutinty towards the “unlicensed” over the licensed!