A former Financial Wisdom and Financial Planning Services Australia adviser has been jailed for two years after pleading guilty to several charges arising from an Australian Securities and Investments Commission (ASIC) investigation.
Trevor Wayne Carll, from Port Pirie in South Australia, was last week sentenced to two years in prison with a non-parole period of 13 months.
On 29 June this year he pleaded guilty to one count of deception and two counts of dishonest dealings with documents.
The offending behaviour occurred between 31 May 2005 and 16 October 2008 while Mr Carll was an authorised representative of Commonwealth Bank subsidiary Financial Wisdom and netwealth subsidiary Financial Planning Services Australia.
According to ASIC, he deceived two clients about his intended use of documents signed by them and dishonestly arranged for their assets, totalling over $900,000, to be held as security for his personal margin loan facility.
Mr Carll also provided false documents intending to deceive Macquarie Bank to release his clients' funds without their authority, ASIC stated. Mr Carll's actions resulted in losses to the clients of $52,931.71, although they were later compensated by the licensees.
ASIC said Mr Carll's conduct was brought to ASIC's attention by the licensees, who both complied fully with ASIC's investigation. In February 2011, ASIC permanently banned Mr Carll from providing financial services.
ASIC Commissioner Peter Kell said this week's jailing and the prior banning "should serve as a deterrent to any financial adviser tempted to deceive their clients or act dishonestly"
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- 15 Nov 2018ASIC flexes its muscles at independent advisersBy James Mitchell
- 15 Nov 2018FPA hands down $50,000 fine on Sam HendersonBy Adrian Flores
- 15 Nov 2018Adviser reviews critical to client retentionBy Adrian Flores
- 14 Nov 2018ASIC bans financial services representativeBy Eliot Hastie
- 14 Nov 2018Fintech should make advice ‘enjoyable’By Adrian Flores
- view all