Former KPMG adviser guilty of insider trading
A former senior manager at KPMG has pleaded guilty to insider trading after buying shares in printing company Promentum.
Andrew Dalzell, 49, of Randwick in New South Wales, purchased 40,000 shares in the company while possessing inside information about a proposal by Promentum to acquire the McMillan Group.
KPMG was advising Promentum on the proposal at the time, and raised concerns with the Australian Securities and Investments Commission.
Dalzell faces up to five years in jail, a $220,000 fine or both. He was granted conditional bail and will be sentenced on 21 March, 2011.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
