Broker sentenced in Victoria Court
An ex-broker, Robert James Wilson of Kensington, Victoria, was sentenced in the County Court of Victoria to 18 month’s imprisonment after pleading guilty to two charges of theft, one charge of obtaining financial advantage by deception and one charge of obtaining property by deception. His sentence carries a 12 month suspended sentence.
Wilson was also ordered to pay $1,037 in restitution to BMG.
The sentence followed an Australian Securities and Investments Commission (ASIC) investigation.
ASIC alleged that between February 2004 and September 2005, Wilson misappropriated more than $119,600 from 14 clients and insurance premium funder BMG Finance. At the time, he was employed by Mark Prolisko Insurance Agency (MPIA).
Wilson deposited funds he obtained for general insurance products into bank accounts he controlled and did not pass the funds on to MPIA or the insurance provider. He also falsified insurance premium funding contracts to obtain finance from BMG and failed to pass on an insurance claim payout.
The Commonwealth Director of Public Prosecutions prosecuted the matter.
Wilson was permanently banned by ASIC in 2007 from providing financial services.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
