Ex-AMP planner sentenced
Former AMP financial planner, Trevor William Martin, has been sentenced to three years of imprisonment, to be served by way of intensive corrections order (ICO), for dishonestly obtaining $208,000 of client funds.
Martin, who was an authorised representative of The Salisbury Group and later, AMP-owned Charter Financial Planning Limited, pleaded guilty to offences he committed between June 2011 and April 2015, according to an announcement by the Australian Securities and Investments Commission (ASIC).
He was sentenced on 20 March, 2020, for three charges of s192E of the Crimes Act 1900 (NSW) with each resulting in a sentence of two years and three months, 18 months and nine months respectively, to be served concurrently to make a three-year aggregate sentence of imprisonment.
The judge determined Martin was suitable for an ICO that included 750 hours of supervised community service.
Judge Wass said Martin’s behaviour was a “breach of trust completely and grossly betrayed his clients”.
ASIC commissioner, Danielle Press, said: “Martin was trusted by his clients to manage their savings. He abused that trust by using their funds for his own benefit. The sentence shows the court’s approach to deterring dishonest acts such as these”.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
