A former Bell Potter Securities adviser has received a two-year suspended sentence for dishonest conduct involving more than $1.7 million, the Australian Securities and Investments Commission (ASIC) has revealed.
Lawson Stuart Donald received the sentence, fully suspended upon entering a two-year good behaviour bond, after facing Sydney District Court on 26 April, the announcement stated.
Donald worked as a client adviser for the brokerage between 1 February 2003 and 21 April 2008. For three years he used his position as an employee to gain an “advantage for himself or someone else”, according to ASIC.
“ASIC will not tolerate unscrupulous financial advisers. This type of behaviour can erode investor and consumer confidence in financial services,” ASIC commissioner Greg Tanzer said.
Donald was rebooking share trades, according to ASIC, meaning transferring trades from one client account to another. He rebooked profitable share trades from a client account to two accounts he controlled, selling those shares for a profit.
Donald also rebooked non-profitable share trades from the two accounts controlled by him to a client's account, therefore avoiding a loss, ASIC stated.
In August 2012, Donald pleaded guilty to one charge of dishonestly using his position as an employee with the intention of directly or indirectly gaining an advantage for himself or someone else, according to ASIC.
The Commonwealth Director of Public Prosecutions prosecuted the matter.
The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
The latest ASIC estimated industry funding levy proves that the current formula is “not equitable or sustainable” according to FPA. ...
An industry body says it is in favour of a change in government as the Coalition have “unfairly targeted” financial advisers. ...
The corporate regulator's cost recovery implementation statement for the 2021 financial year indicates the costs allocated by ASIC to the advice secto...