Former Bell Potter client adviser charged with dishonest conduct

australian-securities-and-investments-commission/

29 September 2011
| By Angela Welsh |
image
image
expand image

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. 

Homepage

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 days 2 hours ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

4 weeks ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

1 week ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND