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Former ANZ adviser jailed for fraud

A former financial adviser licensed by ANZ-aligned Millennium3 has been handed a multi-year jail sentence relating to a $5.9 million fraud.

Appearing in the NSW District Court today, Melinda Scott was convicted and handed a prison sentence of six years and three months for defrauding more than 150 clients, with a non-parole period of three years and 10 months.

In December 2013, Ms Scott pleaded guilty to three charges of dishonest conduct and four charges of “making and use of false documents”.

“Ms Scott’s misconduct continued over 20 years and largely involved superannuation and annuities products that were invested for the longer term,” said a statement from ASIC following the court decision today.

At the time of Ms Scott’s plea, ASIC revealed details of Ms Scott’s licensing arrangements.

“Following an investigation by ASIC, Ms Scott admitted to misconduct that occurred between 2 August 1989 and about 27 April 2012. On 9 February 2004, Ms Scott became an authorised representative of Millennium3,” said a statement on the ASIC website.

“Millennium3 is a wholly-owned subsidiary of Australia and New Zealand Banking Group Limited (ANZ). Prior to Millennium3, Ms Scott was employed in various positions in the financial services industry including at Roach Graham Scott, FPI Pty Ltd and Financial Wisdom Ltd.”

Millenium3 and parent company ANZ were co-operative during the investigation process, ASIC said.