No end to Wattle linked convictions
Another adviser associated with the notorious Wattle Group has pleaded guilty to 62 charges arising from anAustralian Securities and Investments Commission(ASIC) investigation.
Ian William Snook, formerly an investment adviser and principal of Golconda Resources, appeared in the District Court in Adelaide yesterday to face charges relating to his activities in promoting investments directly, or via his company, into the failed Wattle investment scheme.
Earlier this month, Anne Shirley Corbett and Robert Edward Corbett of Anscor, which was responsible for administering the Wattle Group’s investments, also pleaded guilty to charges of contravening the Corporations Act, while in July, Anscor general manager Kenneth Edwin Parker was sentenced to a $1,000 three-year good behaviour bond.
Other recent convictions arising from ASIC’s investigation include Rodney James Mackay and John Andrew Allen of Mackay & Allen, who pleaded guilty to being knowingly concerned in the scheme, and Australian Secured Mortgages’ Bruce Raymond Walden, who was sentenced to a $2,000 three-year good behaviour bond.
The Wattle Group was an unlicensed investment scheme which raised more than $160 million from over 2,700 investors across Australia, operated by Geoffrey Robert Dexter, who was convicted of multiple fraud charges and jailed for 10 years in 2001, following ASIC’s investigation.
Snook was remanded on continuing bail to appear in the Adelaide District Court for sentencing on September 25.
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.
