ASIC and the Commonwealth Director of Public Prosecutions have successfully appealed the sentence of a former CBA-aligned adviser.
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:
In November 2012, ASIC permanently banned Mr Gillespie from providing any financial services after he was found to have:
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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