News briefs – 18 November 2004
Fraudster busted
A former tax agent, accountant and financial planner has been jailed for six-and-a-half years in the Western Australian District Court after being found guilty of tax fraud of more than $3 million.
George Thompson, 38 of Albany, pleaded guilty to 158 charges between 2000 and 2003. The charges included alterations to client tax returns without their knowledge, claiming false deductions, incomes and tax instalments, and transferring the money to his own bank accounts.
Fools Gold
Three agents of offshore Internet currency exchange businesses have been shut down by the Australian Securities and Investments Commission (ASIC) after they were found to be illegally operating their respective currency bartering schemes in Australia. ASIC has also issued a general warning to consumers to exercise caution in using existing offshore electronic currency trading web sites, most of which claim to be backed by gold bullion in allocated storage. The companies — Stevens IT, Sydney Gold Sales, and Fountainhead Management — have all voluntarily ceased to trade after being found operating without an Australian Financial Services Licence. The trio ran Internet sites that converted conventional currencies to electronic currencies and vice-versa, with claims of allowing consumers to more efficiently invest money around the world.
FI stars
Index hugger Vanguard and specialist bond manager Pimco have been rated the pick of international fixed interest managers by research group Morningstar.
In its latest sector review of global fixed interest managers, Morningstar awarded both Pimco and Vanguard a ‘highly recommended’ rating — the research house’s highest overall ranking. Other mangers to perform well were Barclays Global Investors, BT alliance partner Blackrock and Macquarie, all of whom were handed a ‘recommended’ rating.
Recommended for you
The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered.
Rather than taking a controlling approach, the latest generation of overseas private equity deals is helping advice firms to achieve their growth ambitions, three commentators have said.
Private wealth firm Fitzpatricks Group has appointed a newly created head of product, who previously spent 20 years at CFS, to bolster its range of investment options.
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
