Former Whet Investments director sentenced
The former head of Newcastle investment company Whet Investments, Hugh Charles Gordon, has received an 18-month prison sentence, with 11 months to be served immediately and the rest suspended subject to a two-year good behaviour bond.
Following an Australian Securities and Investment Commission (ASIC) investigation, Gordon was convicted of one charge of dishonest use of position as a director and improper use of approximately $91,000; and three charges of fraudulent concealment or removal of property to the value of approximately $285,000.
The sentence was stayed and bail continued until April 9 to assess whether Gordon was a suitable candidate for periodic or home detention.
In 2005 Whet Investments was placed into voluntary administration and a deed of company arrangement was executed. Gordon was declared an undischarged bankrupt in 2007.
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
