Former MLC adviser pleads guilty
Former MLC financial adviser Wayne Christopher McNamara has pleaded guilty to 12 counts of false pretences and one count of fraudulent conversion, according to the Australian Securities and Investment Commission (ASIC).
ASIC initiated an investigation into McNamara's activities after receiving information about his conduct from MLC, McNamara's licensed securities dealer.
ASIC has alleged the Rostrevor, South Australian based adviser, defrauded one of his clients of $65,083, after pretending he had the authority to organise such monies.
It was also alleged that McNamara fraudulently converted a cheque of $10,375 that belonged to another client, for his own use or benefit.
The matter has been adjourned until this Thursday.
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