Hogan’s fraudster receives four-year sentence
A Western Australian man has been sentenced to four years in jail following an Australian Securities and Investments Commission (ASIC) investigation which uncovered three counts of fraud worth more than $7.5 million.
Jonathon Kur, former authorised representative of Hogan and Partners Stockbrokers, was charged in relation to options trading and dealing in options for a number of clients located in Botswana.
ASIC alleged that between May 2005 and December 2008, Kur intentionally hid trading losses he accumulated on three overseas client accounts.
"Investor faith was seriously breached on this occasion and the severity of the sentence reflects the serious nature of the offence," ASIC commissioner John Price said.
In July 2009, Kur was permanently banned from providing financial services following an initial ASIC investigation which uncovered more than $9 million in Hogan's client losses as a result of Kur's dishonest behaviour.
He was accused of engaging in misleading or deceptive conduct in relation to a financial service; inducing clients to trade in options by publishing a statement he knew was false; acting contrary to his clients' instructions; and for engaging in dishonest conduct in the provision of financial services.
In November 2011, Kur pled not guilty to 16 charges of fraud worth $8.8 million and guilty to one charge of dishonestly using his position as an employee of Hogan's.
He was placed on bail before appearing again in court in November 2012 where he pled guilty to the three counts of fraud worth $7,556,773.
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.
