Former NAB adviser faces forgery charges
A former National Australia Bank (NAB) financial adviser has been charged and appeared in court on two charges of forging documents brought by the corporate regulator.
Shane Thompson from Victoria appeared in the Bendigo Magistrates’ Court on the two charges, after the Australian Securities and Investments Commission (ASIC) brought about the charges that he forged financial planning documents.
ASIC alleged that between 27 December 2012 and 1 March 2013, Thompson completed 22 false client change of adviser forms and submitted them to MLC to transfer NAB clients to his personal financial planning list.
ASIC alleged Thompson forged client signatures on each form, and did so without clients’ knowledge or permission so he could receive additional financial planning remuneration from his employer, NAB.
Thompson was employed by NAB as a financial planner during the time alleged misconduct, occurred, ASIC said. NAB said it terminated Thompson in March 2013 for his misconduct.
Thompson has been charged under sections 83A(1) and 83A(2) of the Crimes Act 1958 (Vic). The maximum penalty for each offence is 10 years imprisonment.
ASIC previously banned Thompson for seven years from providing financial services and credit activities after finding he contravened financial services laws and was unfit to carry out credit activities.
The matter was adjourned for a plea hearing in the Melbourne Magistrates Court on 26 October, 2017 at a hearing on 31 July, 2017.
The Commonwealth Director of Public Prosecutions (CDPP) is prosecuting the matter.
The banning and court hearing formed part of ASIC’s Wealth Management Project, which was established in October 2014 and aimed to lift standards in the largest financial advice firms such as Westpac, NAB, the Commonwealth Bank (CBA), ANZ, AMP, and Macquarie.
AUTHOR
Malavika Santhebennur
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
