In a statement, ASIC said Kiama-based adviser Trevor Martin had been sentenced for three charges under the Crimes Act 1900 on 20 March, after he was found to have obtained $208,000 of client funds dishonestly.
Martin, a former representative of AMP-owned Charter Financial Planning, was ordered to complete 750 hours of community service as part of the corrections order.
ASIC said Martin had committed the offences between 2011 and 2015, and pleaded guilty to three charges that carried sentences of two years and three months, 18 months and nine months, respectively, however the District Court of NSW ordered he be able to serve the sentences concurrently, and that given the “subjective features” in the case, he was suitable for a corrections order.
The corporate regulator said Martin had been “a trusted adviser” who convinced his clients to transfer funds to his business account, which he then used for his own personal expenses.
ASIC commissioner Danielle Press said Martin’s sentence “shows the court’s approach to deterring dishonest acts such as these”.
Martin, who had also been an authorised representative of The Salisbury Group, was banned from financial services in 2018.
If this was a person who had a psychology
addiction to ice and done a bag snatch in the hope of finding some money to fuel their addiction they would of been sent to prison. As the offender falls into the corporate crime category he is still allowed freedom. Appeal his sentence and send him to prison.
and AMP are trying to destroy my business because I’m apparently high risk despite passing everyone of my audits and not stealing money off clients.
why are you high risk?
Where is the manager that was responsible for his audits?
Sounds very lenient for a $208,000 theft. Reinforces perception that courts are easy on white collar crime.
I am guessing gambling habit
Or drugs, or a mistress, or made some really bad financial decisions, or………
Gee, I wonder how extra qualifications will stop this kind of behavior?
it wont stop this type of behaviour at all, it will continue and us that don’t do wrong again will suffer by having to pay to do more study for what??
Exactly right, it will not. If an adviser wants to defraud a client they will. There is no correlation between education and ethics. All the government has achieved is they have left the smarter criminals still in the system. This whole FASEA exercise has come about simply so that they can be “seen” to be doing something to correct bad behaviour. Yet as a result 15,000 advisers have left the industry making financial advice less accessible to those who need it.
While I agree with what you say, I would also add that by lifting the education level, a two week RG 146 course no longer puts weasels in front of clients. It means those who were not in for the long haul no longer have easy access with little outlay to a client and their money, so they will move on to the next soft touch industry. Won’t stop those already in and determined to continue ripping clients off though, so don’t entirely agree it been a waste of time. It’s always dark before the dawn… hang in there!
Subjective features?? Just lock him up and throw away the key. FFS.
FFS???. Fee for Service hahaha