Former Bell Potter client adviser charged with dishonest conduct

A former Bell Potter Securities employee has been charged with five counts of dishonest conduct involving more than $1.8 million, following an investigation by the corporate regulator. 

Lawson Stuart Donald, 36, of Maroubra, worked as a client adviser for the stockbroking firm between 1 February 2003 and 21 April 2008. The Australian Securities and Investments Commission (ASIC) alleged that Donald deceptively used his position as a client adviser at the stockbroking firm to gain advantage by rebooking share trades between September 2005 and March 2008. 

Rebooking involves the transfer of trades from one client account to another, ASIC explained in a statement. 

ASIC specifically alleged that during this period Donald rebooked profitable share trades from a client account on two accounts controlled by him and then sold those shares for a profit. 

Donald also rebooked non-profitable share trades from the two accounts controlled by him to a client's account, thereby avoiding a loss to the accounts he controlled. 

The total value of the rebookings exceeded $1.8 million, and Donald's conduct was brought to ASIC's attention by Bell Potter. 

For each charge he would face a maximum penalty of five years' imprisonment, a $220,000 fine, or both.

Donald was legally represented but unable to attend Sydney's Downing Centre Local Court on Tuesday when the matter was mentioned.