Former WealthSure adviser facing fraud charges
A former WealthSure financial adviser has appeared in court facing 22 fraud charges brought by the Australian Securities and Investments Commission (ASIC).
Brian William Veitch, formerly of Minto, New South Wales, has appeared before the Downing Centre Local Court in Sydney to answer 21 counts of obtaining money by false and misleading statements, as well as one count of attempted use of a false instrument.
Veitch was an authorised representative of WealthSure Pty Ltd from 14 December 2005 to 23 February 2010.
ASIC alleged that between 23 October 2008 and 5 February 2010 Veitch fraudulently transferred around $500,000 from seven clients' accounts without their knowledge or authority for his own purposes.
The regulator also alleged Veitch provided a client with a false portfolio, leading the client to believe that $300,000 was still in their account when that was not the case.
Veitch has been granted conditional bail. The matter will resume in the Downing Centre Local Court on 6 November 2012.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
AUTHOR
Staff Writer
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
