Cochrane gets anther six months
Former Financial Wisdom adviser Robyn Anne-Carrolle Cochrane has been sentenced for a further six months in jail to be served concurrently for the four she already has on fraud charges.
Cochrane pleaded guilty to one charge of acting as an adviser without a licence in the Downing Centre Local Court and was sentenced immediately.
Financial Wisdom paid back more than $1.1 million to Cochrane’s former clients following the original sentencing on 29 charges of fraud relating to transaction taking place between 1994 and 1999.
But Financial Wisdom was not the only dealer group to suffer from Cochrane’s actions. The Australian Securities and Investments Commission’s investigation into Chapel Road which lead to the cancellation of the group’s licence was sparked by the actions of Cochrane and her son Steven Cohrane.
Steven Cochrane was also a former Financial Wisdom adviser who switched to Chapel Road in 1997, before Financial Wisdom cancelled his mother’s proper authority. But while Steven Cochrane acted as a proper authority for Chapel Road, his mother transferred a number of her clients to him and then continued to advise these clients after she had been banned from acting as an investment adviser by ASIC.
Robyn Cochrane had been banned from acting as an investment adviser in October 1998.
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