Former Bridges staffer sentenced to jail
A formerback-office manager forBridges Financial Serviceshas been sentenced to two and a half years jail after pleading guilty to 60 counts of dishonestly using his position.
The man, Robert Thomas Lister, was sentenced in the Downing Centre District Court, and has been set a non-parole period of six months.
Lister was found to have dishonestly used his position with the intention of obtaining directly or indirectly for himself an advantage of over $415,000. He admitted to the court that he had used the money for gambling.
The court was told that between September 1999 and June 2002, Lister made journal entries in Bridges’ computer system that allocated money into his own account. He then drew cheques on that amount made payable to himself.
In announcing the successful prosecution, the chairman of theAustralian Securities and Investments Commission(ASIC), David Knott, said ASIC had also permanently banned Lister from acting as a representative of a dealer or investment adviser.
Lister held a proper authority issued by Bridges. ASIC found that Lister was not of good fame and character and that he may not in the future perform honestly, efficiently and fairly the duties of a dealer or investment adviser.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
