Former CBA planner sentenced
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."
AUTHOR
Hope William-Smith
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
