ASIC previously brought numerous charges of fraud by dishonestly causing detriment, relating to a number of clients of Sherwin Financial Planning, and one charge of breaching his duties as a director of Wickham Securities against Sherwin.
According to the regulator, Sherwin’s fraudulent actions cost clients nearly $10 million between May 2009 and December 2012.
Sherwin subsequently received a permanent ban from the industry in May last year before pleading guilty in September 2017.
He was sentenced to 10 years’ imprisonment on 14 November 2017.
“Mr Sherwin’s actions caused great hardship to his clients and their families,” said ASIC commissioner John Price.
“Today’s outcome should serve as a warning to company directors and financial advisers who breach community standards – the consequences are severe.”
A year’s jail per $1million. What should Alan Bond have received?
Obviously Bondy had better resources at his disposal. The discrepancies in what people get as penalties is a joke sometimes. Compare the $1M fine to NGS recently to the $21,000 fine to Greg Medcraft’s cousin. No correlation to the “crime” nor the benefit received by the perpetrators