The former Sentinel Wealth planner was found to have engaged in misleading and dishonest conduct and sourced more than $5 million from clients and individuals as loans. Mr Fineff then gambled and lost that money without clients’ knowledge.
ASIC found that Mr Fineff:
- Breached financial services laws by failing to act in the best interests of his clients and engaging in unlicensed conduct.
- Is likely to breach financial services laws in the future.
- Is not adequately trained or competent to provide financial services, perform any function as an officer that carries on a financial services business or control an entity that carries a financial services business.
- Is not a fit and proper person to provide financial services, perform any function as an officer that carries on a financial services business or control an entity that carries a financial services business.
ASIC said that Mr Fineff’s permanent ban is “necessary to prevent future harm to clients of financial services businesses”.
Mr Fineff was arrested at Chatswood Police Station in Sydney on Friday, 7 May, after they received reports of an alleged fraud committed against an 86-year-old woman in March 2020.
Surely AFSL’s can randomly check SMSF CMT a/c’s for irregularities or suspicious withdrawals from wrap accounts.
Fintech needs expansion to capture this data to match potential fraudulent transactions
Robert, people like this, will steal from whatever job they have access to. The difference maybe the amounts and where they spend it. Lawyers, accountants, police, admin staff. Happens everywhere, you just don’t hear about them all. Greed and temptation are human weaknesses we all have.
“breached financial services laws by failing to act in the best interests of his clients and engaging in unlicensed conduct”
Ex Count Financial compliance poster boy winning employee awards…trained well at the right place to rip off clients it seems!
He also was by all reports a responsible manager of their afsl.
Hey, but how about the others……one down and many more to come!
Good riddance…