Millennium3 adviser pleads guilty to fraud
A former financial adviser licensed by ANZ-aligned dealer group Millennium3 has pleaded guilty today to charges of dishonest conduct involving $5.9 million of her clients’ money.
Appearing before the Downing Centre Local Court today, former Millennium3 Financial Services financial adviser Melinda Scott pleaded guilty to three charges of dishonest conduct and four charges relating to making and use of false documents.
“Following an investigation by ASIC, Ms Scott admitted to misconduct that occurred between 2 August 1989 and about 27 April 2012. On 9 February 2004, Ms Scott became an authorised representative of Millennium3,” said a statement on the ASIC website.
“Millennium3 is a wholly owned subsidiary of Australia and New Zealand Banking Group Limited (ANZ). Prior to Millennium3, Ms Scott was employed in various positions in the financial services industry including at Roach Graham Scott, FPI Pty Ltd and Financial Wisdom Ltd.”
Ms Scott admitted that between August 1989 and April 2012 she “fraudulently $5.9 million worth of her clients' money for her own purposes without her client's knowledge or consent”.
The ASIC statement said that “ANZ and Millenium3 fully co-operated with ASIC’s investigation” and engaged external lawyers and auditors to a “thorough investigation”.
The matter will return to the NSW District Court in January.
ANZ not ruling out a complete advice exit
The major bank’s CEO Shayne Elliott has explained why, for now, he is keeping ...
Lonsec expands leadership to meet growing demand
Research house Lonsec has reshuffled its research team as it aims to meet a grow...
MP flags concerns licensees can’t deal with advice risks
ASIC has been questioned by a government MP over concerns whether any advice lic...