The things we do for love
A former Macquarie Bank private client adviser has been handed down a prison sentence for offloading $210,000 worth of unrealised losses onto a client’s superannuation fund on behalf of his girlfriend.
Trevor Lam, of Hunters Hill in New South Wales, pleaded guilty in August to dishonestly using his position with the intention of gaining an advantage for another person.
During September 2005 and January 2006, Lam arranged for the unauthorised transfer of Australian Securities Exchange traded call option contracts from his girlfriend’s account at Macquarie to another client account.
He has been sentenced to 18-months imprisonment, fully suspended upon good behaviour for 18-months with the supervision of probation and parole services.
Lam departed Macquarie in March 2006, and, in December, the Australian Securities and Investments Commission banned him from providing financial services for five years.
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