South Australian Robert Pryor Smith, the director of Advice 4 Wealth, has been banned following an ASIC investigation into his activity as an authorised representative of non-bank licensee Futuro.
“An ASIC investigation found that between 29 December 2008 and 12 July 2016, Mr Smith electronically transferred a total of $278,042.58 from the bank account of a deceased estate for which Mr Smith was the trustee and executor to bank accounts held in Mr Smith’s name, or in the name of Advice 4 Wealth,” said an ASIC statement.
“ASIC found that Mr Smith’s conduct was designed to benefit his own interest and financial needs at the expense of the estate and the beneficiaries. ASIC also found that Mr Smith’s conduct was dishonest and that he made false statements about what happened to the estate funds.”
Does this mean there is no criminal prosecution? That would have to be deemed as unfair!
Why can’t they just give the crooks the “striped suntan”??
This is not a compliance matter, as stated above it is a fraud.
The industry the perpetrator works in is not relevant.
On the published facts, this is FRAUD. Go to jail.You see this everyday – does not have to be a financial adviser. Usual perpetrators – accountants, salaried bookkeepers and finance managers and solicitors and trust funds. Even in the Public Trustees office. Usually involves gambling. Yet ASIC has to make a big splash hinting financial advisors are more prone to committing FRAUD
It seems that lately financial planners are those who are incompetent, criminal or lack ethics. It is a real worry. Accountants and solicitors generally are honest but a disproportionate number of criminals calling themselves financial planners are making the news now. Watch this space. More FPs will be disciplined or jailed. There are too many “cowboys “ in this industry. It is not yet a profession. Hopefully we can become a reputable profession in the near future
Gerhard, are you trying to get a job at ASIC? That is the sort of outrageously prejudiced comment we have come to expect from Greg Medcraft. Bad news buddy. Medcraft has gone. With any luck ASIC will become a more professional organisation moving forward. You could probably still pick up a job at Fairfax with that sort of bias though.
Again we see prosecution long after the fact and again no mention of funds recovery. If there is any point to all this compliance and regulation it is that assets should be recovered for those who are defrauded, but there is no evidence that this occurs.