Former millenium3 adviser banned for 25 years
After defrauding her clients of more than $3.6 million over eight years, former millenium3 authorised representative Melinda Scott received a permanent ban from the financial services industry.
The Court declared Scott and her company - Roach Graham Scott (RGS) - collected more than $3.6 million from 56 separate clients between 2004 and April this year, which she generally used for her own personal benefit.
She also falsely told some clients their money had been invested in accordance to their instructions and was making returns.
Apart from receiving a ban from the financial services industry, Scott was also disqualified from managing any corporation for 25 years.
Furthermore, Scott's company, RGS, was also permanently banned from carrying on a financial services business or providing a financial service.
Her authorisation from ANZ-owned millenium3 was revoked on 15 May 2012.
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