Former advice director convicted
A former director of a financial advice company has been sentenced to 12 months imprisonment for dishonest conduct.
South Australian, Barry David Hassell, a former director of BD & WJ Hassell, pleaded guilty to 39 charges at a hearing of Adelaide Magistrates Court in October 2014.
The charges included dishonest conduct, providing the Australian Securities and Investments Commission (ASIC) with false or misleading information, and failing to provide a disclosure document to clients between March 2002 and December 2011.
Hassell admitted to the following charges:
- four counts of providing ASIC with false or misleading information, including the provision of clients' files containing forged documents;
- 10 counts of engaging in dishonest conduct, including submission to insurers of applications for insurance that contained false information; and
- 25 counts of failing to provide a disclosure document to his clients.
Hassell was sentenced to 12 months imprisonment, but was to be released on his own recognisance of $100, to be of good behaviour for a period of 12 months.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
