A former Genesys authorised representative has pleaded guilty to three charges after ASIC found he instructed clients to make payments to the wrong entity.
In a statement, ASIC said Andrew Peter Cosgrove was a former director of Queensland-based Vangrove Financial Planning. The firm was placed into administration on 10 May 2012.
The administrator retained Mr Cosgrove as a consultant of Vangrove during the administration process and authorised him to provide financial advice to existing clients.
ASIC found that between 26 June 2012 and 12 July 2012, Mr Cosgrove generated and issued invoices to three Vangrove clients and instructed them to make payments to Cosgrove Investment Trust, rather than to Genesys which was authorised by the administrator.
Mr Cosgrove appeared in the Brisbane Magistrates Court on 13 May 2016 and pleaded guilty to three charges of breaching his directors' duties.
Mr Cosgrove was discharged without conviction upon "entering into recognisance" in the sum of $3,000 on condition that he would be of good behaviour for three years.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions.
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