A former Vanguard Investments portfolio manager has been sentenced to 22 months in prison after pleading guilty to fraud charges.
Mark Hildebrandt has today been sentenced in the Supreme Court of Victoria to a 22-month sentence, but will be released after eight months on a 12-month good behaviour bond.
“At the time of the offences, which occurred on 63 days between May and December 2010, Mark Hildebrandt was employed by Vanguard, the responsible entity for a number of registered schemes, to manage a number of these schemes focused on international equities,” said an ASIC statement.
“Mr Hildebrandt placed orders on the Bourse de Montréal for Futures Contracts based on the Canadian S&P/TSX 60 Index on behalf of Vanguard, whilst at the same time he also placed opposite but substantially matching orders for the same Futures Contracts on his personal trading account.
“The matching orders were placed such that Mr Hildebrandt’s personal orders would trade against the Vanguard orders at prices that enabled Mr Hildebrandt to profit personally, over the period, by a total of approximately $630,000 at the expense of Vanguard’s registered schemes.”
In sentencing Mr Hildebrandt, Justice Emerton said the case was an example of “repeated instances of dishonesty over a protracted period of time and a significant breach of trust”.
Mr Hildebrandt has repaid Vanguard $575,000, according to ASIC.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 10:13Westpac announces exit from financial adviceBy Adrian Flores
- 09:32ASIC given greater powers under new proposalBy Adrian Flores
- 09:32FPA releases national roadshow detailsBy Adrian Flores
- 18 Mar 2019Linchpin Capital, IIOF fund to be shut downBy Adrian Flores
- 18 Mar 2019FASEA releases final provider accreditation policyBy Adrian Flores
- 15 Mar 2019Adviser given 10-year prison sentence by NSW courtBy Adrian Flores
- view all