Former CBA planner sentenced

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

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 6 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....

1 day 3 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 4 days ago