Banned adviser found guilty of fraud
Former investment adviser Robyn Ann-Carrolle Cochrane has pleaded guilty to 28 charges of fraud, following an investigation by the Australian Securities and Investments Commission (ASIC).
Former investment adviser 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 NSW Central Coast, with the amount of client’s funds involved at more than $575,000.
After pleading guilty Cochrane has been placed on conditional bail and will appear for sentencing on 10 November 2000.
Cochrane held a dealer authority from licensed securities dealer Financial Wisdom from 6 August 1993 until 2 January 1998, when Financial Wisdom cancelled this authority and notified ASIC of Cochrane’s actions.
In an enforceable undertaking provided to ASIC Cochrane agreed she would not provide investment advice or apply to any holder of a dealers or investment advisers 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, and had breached the duty to his clients in regards to their investments.
AUTHOR
Nicole Szollos
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