ASIC has banned Craig James Wilson from the industry after he was convicted by the District Court of Western Australia of four counts of stealing.
The court found that between October 2017 and January 2018, four of Wilson’s clients received payments into their bank accounts from their super funds.
The clients received more from the funds than they had requested and when they asked for the funds to be returned, Wilson provided his own bank details for a return of funds totalling $101,800.
Wilson was employed by Lifenet Financial Advice, a corporate authorised representative and credit representative of Securitor Financial Group, since 2010.
Wilson was also a credit representative of Securitor in those years and was an authorised representative for Securitor between June 2014 and March 2018 when the actions took place.
ASIC has banned Wilson after he was convicted in August on four counts of stealing as a servant and, under the Corporations Act, ASIC may ban anyone convicted of fraud.
How do people think they are going to get away with stuff like this? While you are pondering that question please send $5 to “Happy Dude” address details to follow.
My advice to other advisers steeling clients money is to do the following.
Simply put out a press release saying….”Its not us, it’s my other Financial Planners fault. Those planners are nasty creatures. To prevent me steeling me clients money we need to lift education standards and we’re recommending all clients join the FPA, we the board of XYZ are committed to lifting standards blah blah”
Simple.. This statement has worked well for Senior Executives of large banks for the last few years.
I suspect he had to steel money from clients to pay for his FASEA bill, possibly dealer fees.
Speaking of steeling a discount. I’m now offering 10% off my text books. “Super 101” by Professor Cash Cow.
JAIL ONLY for this IDIOT
what…don’t ban him you say?
Securitor is responsible for the AR’s conduct. Who from Securitor is going to be held accountable ??
Seriously?
Unfathomable. To think this fellow, and more alarmingly the public at large, considers himself to be in the same industry that I work in astounds me.
He is in the same industry! But just like Harvey Weinstein isnt representative of the entire film industry (?? or maybe he is, I dont know??) this muppet is just one of those bad apples we keep talking about.
Great, another one. Just what the industry needs right now. . . .
That is theft. He should be jailed.
He was jailed
Really? How long was his sentence?