Fraudulent adviser gets six years
Former Financial Wisdom financial adviser Stuart John Forsythe has been gaoled for six years by the Newcastle District Court on 33 Aus-tralian Securities and Investment Commission (ASIC) charges involving about $1.4 million.
Former Financial Wisdom financial adviser Stuart John Forsythe has been gaoled for six years by the Newcastle District Court on 33 Aus-tralian Securities and Investment Commission (ASIC) charges involving about $1.4 million.
According to ASIC, Forsythe defrauded eight elderly clients in the Newcastle area over a seven year period by forging client redemption requests for the withdrawal of about $1 million from various finan-cial institutions.
The remaining $420,000 was misappropriated from two other clients, ASIC says.
At the time the offences were committed, Forsythe was an authorised representative of Financial Wisdom, the financial planning arm of Prudential, before it was sold to Colonial last year.
In a separate administrative action, ASIC has imposed a lifetime ban on Forsythe, preventing him from working as a representative of a li-censed securities dealer or financial adviser.
Forsythe will serve a minimum of four years and will be eligible for parole in June, 2003.
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.
