Former QLD adviser banned
The Australian Securities and Investments Commission (ASIC) has permanently banned a former authorised representative of insurance product distributor, National Adviser Services, from providing financial services or engaging in credit activity.
Linda Rae Whelan was banned after she was sentenced to imprisonment for fraud and stealing charges, brought by the Queensland Director of Public Prosecutions.
The charges related to conduct that occurred between 31 October, 2013 and 20 June, 2014, during which time Whelan misused her position as treasurer of an organisation by drawing cheques from its account, which she then cashed for her own use. This resulted in the organisation losing $33,419.11.
Brisbane District Court's Judge Dick ordered Whelan to compensate the organisation of this amount.
Whelan was sentenced to two years and six months' imprisonment in June 2016 (wholly suspended for three years), in the Brisbane District Court on one count of fraud and one count of stealing under two sections of the Queensland Criminal Code.
Whelan was an authorised representative of National Adviser Services until 3 August, 2016.
National Adviser Services holds an Australian financial services licence and distributes products nationally through a network of advisers and brokers acting as authorised representatives.
The case was prosecuted by the Queensland Director of Public Prosecutions.
AUTHOR
Malavika Santhebennur
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
