Former Macquarie adviser charged
Former financial adviser for Macquarie Equities Limited, Warren Acworth, has been charged with dishonesty offences, following an investigation from the Australian Securities and Investments Commission (ASIC).
He appeared before the Brisbane Magistrates Court on 30 October, 2020, charged with 27 offences:
- 16 counts of making false or misleading statements contrary to sections 1041E(1) and s1311(1) of the Corporations Act with each offence carrying a maximum penalty of 10 years’ imprisonment and/or a fine varying between $810,000 and $945,000;
- Six counts of making a statement that was false contrary to section 64 of the ASIC Act (Cth) with each offence carrying a maximum penalty of two years’ imprisonment and/or a fine of $21,000; and
- Five counts of fraud contrary to section 408C(1)(e) of the Criminal Code (Qld) with maximum penalties varying between 14-20 years’ imprisonment.
Acworth had been placed on bail with condition that he does not leave Australia without notifying the Commonwealth Director of Public Prosecutions 21 days prior to intended travel.
Acworth worked as an adviser for Macquarie between December 2015 and May 2018.
AUTHOR
Chris Dastoor
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
