Perth stockbroker charged with fraud
A former Perth stockbroker has allegedly defrauded his clients of $8.8 million in total and is currently facing fraud charges in court, according to the announcement released by the Australian Securities and Investments Commission (ASIC).
While providing financial advice in relation to options trading between May 2005 and December 2008, it is alleged that Jonathan Kur - a former authorised representative of Hogan and Partners Stockbrokers Pty Ltd - intentionally hid trading losses he accumulated on three overseas client accounts.
Kur faced Perth Magistrates Court charged with 16 counts of fraud and one charge of dishonestly using his position as an employee of Hogan's.
The charges follow an 18-month ASIC investigation into Kur's conduct as an authorised representative of Hogan's.
He pleaded not guilty to the 16 fraud charges and guilty to the charge of dishonestly using his position as an employee of Hogan's.
Kur has been placed on bail, which was set at $50,000 and includes him surrendering his passport.
Money Management Top News Stories
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.