Former NSW director charged with dishonest conduct

21 March 2023
| By Laura Dew |
image
image
expand image

A former director has been charged with dishonest conduct in relation to a financial product or service.

Russell Sandiford of Rockdale, New South Wales, was a director at Reiwa-Capital Pty and had been subject to an investigation by the Australian Securities and Investments Commission (ASIC). 

ASIC alleged that he obtained $459,489.70 from 79 clients between 3 January 2020 and 20 June 2022 which was used for his own benefit rather than for investment purposes as had been agreed with his clients. 

At the time of offending, he was not licensed to provide financial product advice. 

The maximum penalty for engaging in dishonest conduct in relation to a financial product or financial service in the course of carrying on a financial services business was 15 years imprisonment or the greater of $945,000 or a fine of three times the total value of the benefits, or both.

He appeared in the Downing Centre Local Court in Sydney on 21 March and the matter was adjourned to 18 April, 2023 for further mention. 

The matter was being prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.
 

Read more about:

AUTHOR

Submitted by Peter Johnson on Tue, 2023-03-21 15:56

Good to see ASIC actually going after the bad guys.

If they did this in earnest there would be no one left at the AIOFP

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 6 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 day 22 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 4 days ago