ASIC imposes life ban on mother and son
FORMER Financial Wisdom financial planner Robyn Ann-Carrolle Cochrane has pleaded guilty to 28 charges of fraud, following an investigation by the Australian Securities and Investments Commission (ASIC).
The ASIC investigation into the Toukley-based Guardian Independent Investment Centre revealed that for a period between August 1995 and April 1999, Cochrane forged signatures on some of her client's cheques and redemption forms.
According to ASIC, Cochrane also fraudulently misappropriated money collected from other clients, many of who were retirees living on the New South Wales Central Coast, with the amount of client's funds involved at more than $575,000.
After pleading guilty, Cochrane was placed on conditional bail and will appear for sentencing on November 10.
Cochrane also pleaded guilty to one charge of acting as a securities dealer without a licence, which was adjourned until February 6, 2001.
Cochrane held a dealer authority from ANZ Managed Investments Limited from February 3, 1993 to August 9, 1993, and then with licensed securities dealer Financial Wisdom from August 6, 1993 until January 2, 1998, when Financial Wisdom cancelled this authority and notified ASIC of Cochrane's actions.
In an enforceable undertaking provided to ASIC on October 16, 1998, Cochrane agreed she would not provide investment advice or apply to any holder of a dealer's or investment adviser's licence to become a representative for 10 years.
However, in August of last year, Cochrane received a life ban after the Supreme Court in Sydney found she breached the enforceable undertaking by giving investment advice without a licence.
In this case, the Court found that Cochrane took $163,666 from a person to whom she had given investment advice and had forged the client's signature on several cheques without authority. Cochrane was ordered to repay the funds.
In January this year, Cochrane's son, Steven Michael Cochrane, was also banned for life from acting as a representative of a securities dealer or investment adviser. ASIC found he had not performed the duties of a dealer representative efficiently, honestly and fairly.
ASIC stated Cochrane had failed in his duty to protect his clients from unauthorised disclosure of their financial affairs, and had breached the duty to his clients to ensure their investments were dealt with in accordance with their instructions.
AUTHOR
Nicole Szollos
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
