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. 

Millennium3 adviser pleads guilty to fraud
ifa logo


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!

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.