The former director of a collapsed AFSL has received a six-and-a-half-year prison sentence in a decision by the Victorian Supreme Court today.
The former director of Sonray Capital Markets, Russell Johnson, received a sentence today after having pleaded guilty in October 2013 to seven criminal charges brought by ASIC.
“Today’s sentence, handed down in the Victorian Supreme Court, comes as a result of ASIC’s investigation into the company, which collapsed in 2010 owing more than $46 million. Subsequently, Mr Johnson was charged with multiple offences, including false accounting, theft and deception and conspiracy to steal,” said an ASIC statement.
“Mr Johnson is the second person to be jailed following the collapse of Sonray. In October 2011, former CEO, Mr Scott Kenneth Murray, was sentenced to five years jail with a non-parole period of two years and six months for 10 charges brought by ASIC.
“In sentencing Mr Johnson, Justice Macaulay said that the conduct engaged in was a serious example of the crimes charged, and that they had been committed with ‘a sophisticated degree of orchestration and planning’.”
Mr Johnson will serve a minimum of three-and-a-half years before he is eligible for parole.
SUBSCRIBE TO THE IFA DAILY BULLETIN
News
- 20 Jul 2018CPA shuts financial advice divisionBy Reporter
- 20 Jul 2018Don't neglect AI, advisers warnedBy Tim Stewart
- 19 Jul 2018AMP unveils new in-house training programBy Reporter
- 19 Jul 2018Self-licensed adviser cops 4-year ASIC banBy Reporter
- 19 Jul 2018Hub24 to launch new core offeringBy Reporter
- 19 Jul 2018SMSF sector warns about advice ‘exodus’By Miranda Brownlee
- view all
