Stockbroker uses $1.5m of clients’ money
A stockbroker has been charged with three counts of dishonestly applying to his own use money belonging to another totally $1,595,000, following an Australian Securities and Investments Commission investigation.
Lewis Anthony Wright Fellowes allegedly dishonestly obtained money from his Queensland clients' margin loan accounts over the period of October 2008 to July 2010.
The charges, under the Queensland Criminal Code, of dishonestly applying property valued at more than $30,000 carries a penalty of up to 12 years imprisonment.
Fellowes was not required to enter a plea and was granted conditional bail. The matter is listed for return at the Brisbane Magistrates Court on 13 May.
The Commonwealth director of public prosecutions is prosecuting this matter.
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