Former adviser convicted of fraud
A former Tasmanian-based financial adviser has been convicted of fraud.
Ashley Grant Howard, of Hobart, Tasmania pled guilty to two charges of using using false documents to obtain a financial advantage or cause a financial disadvantage in Downing Centre Local Court in Sydney.
Between July 2013 and April 2014, Howard used false off-market transfer forms to transfer shares in GPS Alliance Holdings Limited, BHP Billiton Limited and Aquarius Platinum Limited to himself and an associate. The transfers occurred without the knowledge or authority of the 14 owners of the shares.
Magistrate Covington remarked upon sentencing that Mr Howard was in a position of trust as a financial planner when he used the false documents and that his offending had a degree of sophistication.
He was sentenced to a 12-month community corrections order.
He had previously been permanently banned from providing financial services by the Australian Securities and Investments Commission (ASIC) in October 2016 for engaging in dishonest conduct, unrelated to the court case.
The Commonwealth Director of Public Prosecutions prosecuted the matter after a referral from ASIC.
AUTHOR
Laura Dew
Recommended for you
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
