Former KPMG manager sentenced for insider trading
A former senior manager at accounting firm KPMG has been sentenced to two years imprisonment for insider trading while acting as a corporate adviser on a business proposal.
Andrew Dalzell of Randwick, New South Wales was found by the Australian Securities and Investments Commission (ASIC) to have inside information on a proposal by printing company Promentum to acquire McMillan Group, which he acquired while working at KPMG.
ASIC said Dalzell purchased 40,000 shares in Promentum in 2006, while KPMG was advising the company on the proposed acquisition.
Dalzell pleaded guilty to one charge of insider trading, and will service his sentence in the community under an Intensive Correction Order.
ASIC said Intensive Correction Orders were introduced recently to replace periodic detention as a sentencing option.
Recommended for you
An advice AFSL has seen its licence cancelled by ASIC this month for failing to pay an AFCA determination, which was then covered by the CSLR.
The FAAA’s Phil Anderson believes the problem with Dixon Advisory is “much bigger than an advice issue” and the levy to pay for it should be expanded beyond the financial advice sector.
ASIC commissioner Alan Kirkland says the problems regarding advisers recommending clients to invest in the troubled Shield Master Fund are far from being an “isolated incident”.
Advice professionals are being encouraged to proactively engage with their staff on mental wellbeing, with a new report finding a surge in employee exhaustion and stress over the past year.
