Ricky David Gillespie was a former senior financial adviser of CBA’s financial planning subsidiary Commonwealth Financial Planning Limited, ASIC said in a statement.
On 12 December 2017, Mr Gillespie was fined $3,000 with no conviction recorded after pleading guilty to a rolled-up charge of forgery, ASIC said.
The Commonwealth Director of Public Prosecutions subsequently filed a notice of appeal against the sentence on the basis that it was manifestly inadequate, in particular the decision not to record a conviction.
The appeal was heard in the Brisbane District Court on 14 September 2018.
ASIC and the CDPP received judgment in their favour on 20 September 2018, with Judge Jennifer Rosengren ordering that a conviction be recorded against Mr Gillespie.
Judge Rosengren noted that:
- this was an offence of dishonesty, committed by a person occupying a position of trust;
- the documents forged were protective in nature, both in terms of the CBA bank and the clients; and
- when confronted by CBA staff that he had committed forgery, Mr Gillespie denied doing so and continued to commit acts of forgery until April 2009.
In November 2012, ASIC permanently banned Mr Gillespie from providing any financial services after he was found to have:
- forged client signatures;
- provided advice to a client that was not appropriate in the circumstances;
- created false file notes;
- charged excessive fees; and
- failed to comply with financial services laws.
ASIC needs to act on the deficiencies of CBA’s lack of monitoring and supervision. I’m not holding my breath.
Can you believe this guy was educating private equity advisers after he was banned by ASIC. He was appointed as a General Manager and coached and mentored a dozen or so PEA’s on ASIC compliance and RG146 so as to sell shares in Private Equity.
I am looking forward to seeing ASIC apply RG 98, appendix 2, to each of the 250 plus NAB financial planners who have done the same thing as Mr Gillespie did. It a life ban.
ASIC says it does not matter whether a client loses money.
ASIC also says a heavier punishment is appropriate when there is more than one incident, and its part of the culture…
You can read more here: https://www.dover.com.au/friday-reflections/the-inconsistent-and-hard-to-rationalize-case-of-koresh-haughton/
they couldn’t touch the NAB, the big instos are untouchable
but good for you terry keep going mate we are with you
Terry, no point banging on here mate. we support you. go the ASIC. this is big news. everyone will support you.
c’mon mate, no point posting here, other than advisers no one is reading the posts here
let’s take real action and go the ASIC and launch class action. we will join you mate
ASIC was with MSJ lawyers politically stacked & rigged in and from October 2006 by Treasurer Peter Costello on the 09 October 2006 who appointed a prior MSJ senior managing partner Tony D’Aloisio to head ASIC during the Commonwealth’s Telstra alleged share float. A few weeks latter D’Aloisio got paid out over $7.5 million to finish up early at the ASX where since after the Telstra two float D’Aloisio was two IC to David Martin Hoare at the ASX in readiness for the Commonwealth’s Telstra three alleged share float. Also HOARE during the first two Commonwealth Telstra alleged share sale floats, HOARE was the conflicts of interests dual hat Chairman of Telstra & of MSJ at the same time from 1995 until after 1999.
Peter Costello & John Howard were both MSJ lawyers before politics. Stanley Howard a brother of John Howard former Prime Minister was the Chairman of MSJ until 1995 when HOARE replaced him. ASIC & the ASX as well as the ACMA each remain MSJ politically stacked & rigged with ex-MSJ misconduct.
I have witnessed evidence that Department of Finance Accounts Payable section head Accounts officer fraudulently perjured her self, is aided & abetted by her CEO each swore materially false affidavits before another departmental officer, but she was not admitted to take oaths. Their fraud perjury was misused by conflict of interests law firm lawyers who induced them to fraudulently mislead and pervert justice in a Federal Magistrates Court in 2009. But, the AFP, Attorney-Generals State & Federal & other Ministers of the Crown are still refusing to have the AFP to investigate their departmental colleagues frauds & perjury.
GOOD, abot trime ASIC acted against dihest bank stffa.
Wow ASIC – another massive target you have hit, sure this guys should be banned. But ….?
ASIC the BIG QUESTION is when will you prosecute AMP & Bank Executives for all their criminal offences ? Or just give them the usual tiny hit with a tooth pick.
What a joke ASIC really are proving to be.
Agreed, ASIC is a disgrace. I have noticed allot of talk about self licensing lately. Considering how ASIC does nothing to CBA, NAB, ANZ, AMP, and Westpac yet closes down Dover for almost nothing in comparison to what the banks have done, WHY THE HELL WOULD ANYONE GO IT ALONE IN SELF LICENSING??? Would we ALL not be safer joining a bank to be protected from malicious attacks from ASIC ??
Until you wanted to leave and take clients with you…then you will be reported to ASIC and squashed
No we are not protected being under the Banks ASFL – we are simply used as targets when ASIC needs some publicity. That way, ASIC is happy, the Banks and AMP are happy. It is only a few small adviser who are lost.
Not a good system if you are an Adviser.
I agree! I was with 2 banks over 18 years as a Senior Adviser and if they didn’t want an adviser anymore they would ramp up pressure around targets (performance counselling) and then if you didn’t jump, they would launch surprise audits trying to find the smallest mistake to make you resign. They have ALL the power and could lodge a breach notice on anyone even if it had no substance and destroy your future! But, if you were a great flogger of product making them big bonuses then they would always look the other way. WAKE UP Hayne and Orr!! You should be able to see what is really going on? Or is it easier for everyone to blame the advisers?
sounds like life is hell for the financial planner
Dover is not self licensing. It is just another dealer group with inhouse product (SMSFs).