Investment company chief convicted
A Newcastle man who allegedly arranged a loan for an unemployed woman was sentenced in the Sydney District Court to enter into a good behaviour bond for two years, following an Australian Securities and Investments Commission (ASIC) investigation.
Mark Shalimov, who was a director of investment company Future Management Group (FMG) at the time the offences were committed in February 2003, was convicted on two counts of fraud in that he obtained a loan for his client by submitting a loan application with false information.
ASIC alleged that Shalimov completed a lo-doc loan application for his client and falsely indicated that she was employed at the time and in receipt of a gross wage of $101,000. Global Home Loans, FMG’s trading name, later received an $1,876 commission, of which Shalimov received a percentage.
Shalimov is automatically disqualified from managing corporations for five years.
AUTHOR
Recommended for you
AFCA has revealed to Money Management the number of Dixon Advisory complaints it has closed so far out of the more than 2,700 total complaints received.
The Financial Advice Association Australia is launching a new brand awareness campaign that includes promoting the advice profession as an attractive option for career changers.
Half of financial advisers and wealth managers in Asia-Pacific plan to increase their clients’ exposure to private equity and multiprivate asset solutions, according to a survey by Schroders.
The former Iress chief executive has joined an NSW advice firm, Profile Financial Services, as an independent non-executive director.
