Banned adviser charged with $9 million fraud
A former salaried adviser at Patersons Securities has been charged with 54 counts of fraud by ASIC.
The corporate regulator announced Mr Thanh Quoc Tu – whom it describes as a "financial adviser" – is charged with 33 counts of fraud and 21 counts of fraudulent falsification of records, carrying a maximum penalty of up to 12 years in jail.
According to a statement released by ASIC, between September 2008 and September 2013, Mr Tu, while an employee of Patersons Securities Limited (Patersons) in Brisbane, allegedly misled 18 separate individual clients to invest a total of $9,179,073.
His alleged conduct included providing false documents such as certificates of investment, the statement said.
Mr Tu, of Melbourne, was released on conditional bail and the matter will be mentioned on a date to be advised in the Brisbane District Court, ASIC confirmed.
He was previously banned from providing financial services by ASIC in July.
Lonsec expands leadership to meet growing demand
Research house Lonsec has reshuffled its research team as it aims to meet a grow...
MP flags concerns licensees can’t deal with advice risks
ASIC has been questioned by a government MP over concerns whether any advice lic...
FPA calls advice ‘almost unworkable’ in TPB review
The Financial Planning Association of Australia has thrown its support behind th...