In a statement today, ASIC said Shane Thompson, of New Gisborne, Victoria, has appeared in the Bendigo Magistrate’s Court on two charges that he forged financial planning documents.
ASIC alleges that between 27 December 2012 and 1 March 2013, Mr Thompson completed 22 false client change of adviser forms and submitted them to MLC Ltd to transfer National Australia Bank (NAB) clients to his personal financial planning client list.
ASIC alleges that Mr Thompson forged client signatures on each form and undertook this process without clients’ knowledge or authorisation so that he could receive additional financial planning remuneration from his employer, NAB.
At a hearing on 31 July 2017, the matter was adjourned for a plea hearing in the Melbourne Magistrate’s Court on 26 October 2017.
The Commonwealth Director of Public Prosecutions (CDPP) is prosecuting the matter.
Mr Thompson was employed by NAB as a financial planner during the time the alleged misconduct took place.
Mr Thompson has been charged under sections 83A(1) and 83A(2) of the Crimes Act 1958 (Vic). The maximum penalty for each offence is 10 years’ imprisonment.
ASIC has previously banned Mr Thompson from providing financial services and credit activities for seven years.
This outcome is a result of ASIC’s Wealth Management Project. The Wealth Management Project was established in October 2014 with the objective of lifting standards by major financial advice providers.
Two issues arise:
– this matter is a good example of double counting for the purposes of ASIC’s statistics; and
– I cant find any consistent thread in the way that ASIC imposes banning orders – this person was banned for 7 years in circumstances where the underlying allegation is that he has committed a serious criminal offence – 7 years seems an odd period – it is effectively a life ban without it being explicitly put in place – moreover, it seems odd to me that a person who is convicted of an offence (assuming that he is convicted) involving the forging of client signatures could work as a financial adviser in the future.
Meant to say when he left our firm and went elsewhere
I had a former employee adviser do this
Prior to the banning he rated highly on certain find an adviser Internet rating sites.
This happened all the time when I was working at CBA FP – even the regional manager used to turn a blind eye to it and have a giggle
Couple of things Edward. Are you saying that advisers transferred clients to their external planning businesses “all the time” at CBA if you have this proof please raise with the relevant authorities. Also CBA FP management have never been called Regional Managers , are you sure you worked there? Finally If you have proof that a blind eye was turned and they giggled please have them dealt with
Anonymous, have you considered that Edward is using the term ‘regional manager’ as a general term to make the story relevant to readers that aren’t au fait with CBA FP job titles? Have you considered that he may well have reported it but it wasn’t dealt with and that’s why he no longer works there? Have you considered that his proof might only come down to his word against another adviser’s, and that because that adviser tends to write mega-bucks that they’re a protected species? Also, the client’s weren’t transferred to an ‘external business’ – just that adviser’s own list of clients.
Personally, I know where Edward is coming from! Some of what I saw there was just diabolical! And my reports went unaddressed while my own performance received more than enough scrutiny in return.