$6m fraud lands former adviser in jail
A former financial adviser has been jailed for defrauding more than 150 of her clients over two decades.
Melinda Scott, a former authorised representative of ANZ-owned Millenium3, created false documents to drain $5.9 million from 157 of her clients, many of whom were invested in superannuation and annuities products, according to the Australian Securities and Investments Commission (ASIC).
Scott will serve three years and 10 months before she will be eligible for parole, after pleading guilty to dishonest conduct and falsifying documents late last year.
ASIC Deputy Chairman Peter Kell said, "Ms Scott's actions were deliberate and deceitful and undermined the absolute trust placed in her by clients. Her jailing today should send a message that acts of fraud will not be tolerated by the community".
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
