An authorised representative of Charter Financial Planning has been sentenced after pleading guilty to three charges of making false or misleading statements when seeking to go self-licensed.
Victorian adviser Michael Davie has pleaded guilty to the charges in Melbourne Magistrate Court after an ASIC investigation found he had made “false or misleading statements in documents submitted” to the regulator when applying for an AFSL.
ASIC's investigation found he had submitted a “forged educational certificate” and a “table referring to an educational qualification that had not been made”.
The court found the charges proven but opted to hand down a 12-month good behaviour bond with no conviction recorded. The offence potentially faced a maximum penalty of five years’ imprisonment and/or a $36,000 fine.
An AMP spokesperson confirmed to ifa that Davie is a Charter authorised representative and has been suspended while the legal matter is ongoing in accordance with in-house policy.
“This is a very disappointing situation,” the spokesperson said.
Commenting on the matter, ASIC deputy chair Peter Kell said the regulator takes AFSL applications seriously.
"The issuing of charges reflects the high degree of integrity expected of people who apply for and operate under a financial services licence,” Mr Kell said.
“It also shows that ASIC wants reputable financial advisers, who play by the rules, to be able to operate on a level playing field."
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