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
Advice firms are increasing their base salaries by as much as $50k to attract talent, particularly seeking advisers with a portable book of clients, but equity offerings remain off the table.
MLC Expand has appointed retirement specialist Andrew Long to work with advisers and licensees and drive growth for its recently launched retirement solution.
Despite banks largely having exited the industry, advisers under institutional licensees are least likely to switch while 26 advisers have been appointed to a licensee more than 10 times.
Insignia Financial has shared a progress update on the acquisition by US private equity firm CC Capital as well as the departure of a long-standing director.
