ASIC has today announced it has permanently banned former adviser Tina McPhee from providing financial services, after being convicted pf 181 counts of theft and sentenced to a 13-year jail sentence with a 10-year non parole period on 16 May.
Ms McPhee was arrested in July 2013 after the South Australian Police alleged she had stolen as much as $1.4 million from clients.
According to an ASIC statement, Ms McPhee’s thefts included “brain injury compensation payments for two of her victims and compensation payments for four children who lost their mother and sibling in a car accident”.
The incident follows the banning of a separate former AMP FP authorised rep last week after being criminally convicted.
13 years for 1.4mil and another low life gets 4 years for a 1 punch killing??? I thought a life would be worth more than fraud? go figure…
Am I the only person concerned that it took ASIC more than a month after the conviction, before ASIC banned her ?? Conviction 16th May to banning 3rd July. Thats quite a slow process.
The financial industry needs to set the entry bar much much higher so it weeds out the “slick” in favour of the technically committed. Unfortunately its the former that have always been in favour with most dealer groups given it’s generally been a volume based game. The financial services industry as a collective deserved FoFA as it couldn’t self regulate.
Fraud is fraud is criminal. Nothing to do with inappropriate advice.
Off to jail you go with all the other one percenters
No amount of even tougher FOFA will stop white collar crime
this is what is needed in the industry, to try and clean it up.
We cant expect customers to trust us, if we go around doing this to them.
it is hard enough out here without this happening. perhaps she will have plenty of time to reflect on what she has done