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
News: Financial Planning Association in the red
News: HUB24 adds seven dealer groups to client list
News: Separating SMSF fact from fiction
News: AXA's upgraded North product doubles inflows
Roundtable: FOFA - the good, the bad and the ugly
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.
