According to a statement from the regulator, Todd Michael King – formerly an authorised representative of Australian Stockbroking and Advisory Services – was sentenced to two years’ jail and made eligible for parole.
Mr King was also a director of Strip Capital Pty Ltd, which was a corporate authorised representative of ASANDAS between 24 March 2006 and 31 July 2009, according to a previous ASIC statement, as reported by ifa in November 2013.
He was found guilty of stealing two parcels of Wesfarmers Ltd shared valued at approximately $1,479,050 from a client’s account to meet margin calls on his mother’s margin lending account, ASIC said.
The sentencing comes as a result of an ASIC investigation into Mr King’s conduct between late 2007 and early 2008.
ASIC commissioner John Price said the sentence reflected the seriousness of the crime.
“ASIC will continue to focus on holding advisers who break the law to account in order to maintain consumer confidence in the financial services industry,” he said.
Storm advisers, CBA advisers, this stockbroker and many other bad apples all had done the FPA course. MAYBE we need an enquiry into the FPA. Using FOFA & the FPA’s own solutions they throw at us, I think it’s time that every staff member at the FPA have a double degree. One in finance and a legal degree as well. Then every FPA staff member should have 200 hours of ongoing study to do. I mean they are the “industry body”. Surely they can see the benefit in education and high standards? That way we know they really really really know they’re stuff. What do you say FPA? Set an example boys n girls……………crickets.
Thanks god he had his FPA courses & studies up to date or it could of been a disaster!
According to many of the readers of this forum, these advisers only exist under CBA & Financial Wisdom. Royal Commission please on this lot as well I guessing is what you want. Its a pity that many of the good advisers in the industry couldn’t reframe from their cannibalizing behavior of late and instead put their heads together and promote the positives – because all you’ve done is add fuel to the flames for the FoFA amendment protesters. Look at the mess we are in now. A retiring indepandant or a client focused planner wanting work under a superior APL now has to put their plans on hold. Or if there was a dealer group you wanted to move away from to protest against their poor compliance – you are now stuck! Good work guys!!
Hell a 2 year sentence with parole is a good deal for cleaning up $1.5M!
If you want to make a serious point about this type of disgraceful conduct then give him 10+ non-suspended years without parole then you will make the other cowboys think twice before they steal from clients!
So he is immediately eligible for parole? And that’s a “serious” sentence? Am I missing something?