A Perth-based former financial adviser has received a two-year prison sentence for stealing almost $1.5 million worth of shares, ASIC announced today.
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.
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