Shane Thompson pleaded guilty to two charges of forging and submitting financial planning documents for personal gain, and was convicted on both counts.
The Magistrates Court fined Thompson an aggregate of $1,000, with $293.30 in costs.
“Consumers should be able to have trust and confidence in their financial advisers,” said AISC deputy chair Peter Kell.
“ASIC will continue to take action against advisers that fall short of community standards.”
The charges were brought by ASIC after the regulator found Thompson had falsified 22 ‘change of adviser’ forms and submitted them to MLC in order to transfer his NAB clients to his own personal practice client list without the knowledge or consent of those clients.
Subsequently, Thompson received a seven-year ban from the regulator in February 2016.
Why did NAB not report him to ASIC, they are just as complicit here.Typical bank trying to dust this under the carpet.
Did you people not read the bit about him being banned for 7-years.
kinda think it was all worth the while as he would have made more than $1000 during that time.What happen to 10 year jail sentences for falsifying documents?
This is mind boggling. I thought the courts were supposed to DETER people from criminal acts – not give them a subsidy!
$1,293.30 fine for 22 forged signatures, laughable
$1,000 for forgery? Some people might think it was worth it, hardly a deterrent.