In a statement, the corporate regulator said its case against Sam Henderson related to alleged false representations he had made in a number of client presentations and marketing materials, stating that he held a master of commerce when he did not hold that qualification.
ASIC said Mr Henderson, the former chief executive of advice group Henderson Maxwell, had purported to hold the qualification in 115 PowerPoint presentations between 2010 and 2016, on the Henderson Maxwell website from October 2012 to August 2016, in Henderson Maxwell brochures distributed between 2013 and 2017 and in an information memorandum dated May 2011.
The dishonest conduct offence relating to these incidents carried a maximum sentence of two years’ imprisonment, ASIC said.
ASIC further alleged Mr Henderson had given two clients in 2014 and 2016 a financial services guide, also containing the false representation that he held a master of commerce.
The two defective disclosure offences relating to these incidents carried a maximum sentence of 12 months’ imprisonment for each.
ASIC made further allegations that Mr Henderson had represented himself as having the same qualification in a book published in 2013, an interview conducted to promote an educational institution’s master’s course, and some of his professional biographies and descriptions.
Following his entering of a guilty plea to one “rolled-up” charge encompassing the three offences on Tuesday, Mr Henderson will be sentenced in the Downing Centre Local Court on 13 October.
So when do 99% of ASIC employees get imprisoned and/or banned from the industry for purporting to have sufficient and relevant experience, knowledge or training to make claims as to the inappropriateness of an Adviser’s advice to clients? I know of one at least who has even gone as far as using outdated guidance to justify their claims an Adviser should be banned from the industry…not to mention their lack of knowledge of products, strategies and even miscalculations.
Slippery Sam gets locked up but politicians and ASIC still roam free to commit fraud on a grand scale and are protected by immunity! Give me a break! One rule for the working man and one for those who make up the laws!
there’s an old saying – ” you will blow your trumpet up your own arse one day if your not too careful “….
it was stupid what he did. but jail time is not the correct punishment. its too harsh.
Yes he’s been punished harder than the ordinary criminal (that’s what he is) due to his position in the media, I feel sorry for him for that….., but the comments of support shown for this guy….give me a break…It’s merely goes to proving the low ethical standards of many Advisers. They really do diminish the hard work of every adviser that puts compliance with the law as a priority, the advisers that dot the tee’s and has to turn away clients, works back late, makes less money, because they’re stuck doing the paperwork. It further highlights the low level of education standards in this industry as anyone who has done any further education or works teaching others appreciates the sacrifices.
I don’t know this bloke – and trying a hard sell to a lawyer from fair work was probably an ego play, but it’s time to stop the public flogging. This horse is already dead. Hang in there Sir – you’ve copped it for being a public figure.
i saw him once get up on a stage wearing a red cap like donald trump and was chanting lets make advice great.. all ego.
i get that what he did was misleading and grossly unethical. but jail time??? really??? the general public seems to get off much lighter for far more aggressive and damaging crimes. is it just me or does it seem like the government and the system are out to get advisers? its almost like, post RC, the more advisers that are punished the better. just looking to justify action post RC.
I left the industry a few years ago as the industry was changing so much it’s only a matter of time till you get sued. It’s a playing fields for lawyers and the govt to shut down advisers. There are better paying jobs out there these days. An endangered industry! Lol
At worst his punishment will be to have to do a FASEA approved Grad Dip
Hopefully those Advisers now forced to do further study and who have sacrificed so much to do further study will appreciate why the full force of the law should apply to this fool. Once is a genuine mistake, multiple times is a crime.
But the Host Plus Balanced fund is still Ok to be called the “Balanced” Fund? Karen Chester had no problem with it in her report?
Could you provide some more info on that report? That’s interesting & very disappointing. Any chance IFA could run a story on that issue referring to the report? I’m sure IFA editors, other readers would find it interesting. it would be interesting also to hear the ACCC opinion on that matter.
yes that is dodgy and he should be punished, but prison time??? really??? people get less prison time for what I would consider more evil crimes. is it just me feeling like the whole world is out to get advisers who step out of line or make a mistake???. i am seeing more and more reports of banning orders for compliance breaches where there was limited to no harm done.
how many subjects did he complete of the Masters?