According to NSW Police, the 42-year-old man was arrested at Chatswood Police Station in Sydney on Friday, 7 May, after they received reports of an alleged fraud committed against an 86-year-old woman in March 2020.
ifa understands the man charged is former Sentinel Wealth planner Gavin Fineff, who last year confessed to gambling addiction.
Police have also received information about other alleged victims.
Mr Fineff was charged with “knowingly deal with proceeds of crime intent to conceal” and “18 counts of dishonestly obtain financial advantage by deception”.
Police will allege that Mr Fineff defrauded clients of just under $3.3 million between May 2017 and March 2020.
Unless you are a victim of these alleged crimes and not just a follower in the media you can “bet” your assumptions are not accurate. The con continues with the excuses offered. Just suggesting you look at your own parents think of them if they were alone and aged would they trust their financial advisor of many years. They are people who have not only their money taken but along with that their life choices ay an age when those life savings are needed the most??
Should financial advisers have to submit to a personal financial check before they are allowed to handle other peoples money in such a way as they can get control over it. These cases are occuring with monotonous regularity. whilst thre majority may well be honest something has to be done to prevent these people from operating because it tarnisheds everyone doing the right thing and because money is involved it attracts attention. Maybe our industry association could have an ongoing program of positive stories, example of all the good that has come from good advice.Problem is the media thrive on negativity, not positivity.
“Should financial advisers have to submit to a personal financial check before they are allowed to handle other peoples money in such a way as they can get control over it.”
Clearly you are not a Financial Planner.
“These cases are occuring with monotonous regularity.”
Are these other cases really true Financial Planners?
Read the SMH article. He didnt access clients money, said his former AFSL, he entered into loan agreements with clients directly and didnt pay it back (getting in early on the PI decline claim). Somehow I dont think ASIC will distinguish and will no doubt pass on their prosecution costs to all licensed advisers via the levy.
There is an interesting abc news article on this and the online betting industry- actually very disturbing. He will be and should be banned for life. I have seen the client loan now too many times. No excuse if we hold ourselves to high professional standards. It’s unconscionable conduct and should result in jail time.