Former CBA planner sentenced

CBA financial planning ASIC bans

13 December 2017
| By Hope William-Smith |
image
image
expand image

Banned former Commonwealth Bank of Australia (CBA) financial planner Ricky David Gillespie has escaped conviction, but will be fined $3,000 for forgery of client documentation a decade after the occurrence of the illegal activities.

The Australian Securities and Investments Commission (ASIC) permanently banned Gillespie from providing financial advice in 2012 after he was found to have forged client signatures, failed to comply to financial services laws, and provided clients with inappropriate advice.

Gillespie pleaded guilty to a rolled-up charge in relation to the forgeries last month, which occurred between 1 January 2007 and 13 June 2009 during his employment with CBA’s financial planning subsidiary, Commonwealth Financial Planning Limited (CFPL). Gillespie worked in this capacity at CBA’s Broadbeach branch on the Gold Coast.

Commenting on Gillespie’s sentencing in the Brisbane Magistrates Court yesterday, ASIC confirmed no conviction would be recorded and that the matter had been persecuted by the Commonwealth Director of Public Prosecutions.

After a review of Gillespie’s conduct, CBA paid around $2.2 million in compensation to 33 of 57 affected clients, and refunded approximately $880,000 for ongoing fees and interest to 22 clients. 

"Commonwealth Bank will not tolerate any unethical behaviour and is committed to addressing all instances of suspected misconduct or criminal activity," said a CPA spokesperson.

"[We] assisted ASIC throughout its investigation and fully support the actions being undertaken by ASIC in relation to this matter."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 day 6 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

5 days 12 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 3 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 5 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

4 days 9 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

3 days 12 hours ago