Townsville adviser charged with dishonestly using client money
Townsville financial adviser Anthony Dick has been charged after he accessed and transferred around $1.1 million from his clients’ superannuation, pension and personal savings accounts to fund his personal lifestyle, following an investigation by the Australian Securities and Investments Commission (ASIC).
Dick had been charged with 11 counts of dishonestly applying to his own use property belonging to another between March 2006 and December 2017.
Dick appeared at the first mention of the matter at Townsville Magistrates Court on 10 February, 2020, and was granted bail and an order that he surrender his passport.
The matter would come before the court on 11 May, 2020, and is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral of a brief of evidence from ASIC.
This was contrary to section 408C(1)(a) of the Criminal Code Act 1899 (Queensland), but due to changes to the criminal code during the period of offending, the charges carry various maximum penalties between 10-14 years’ imprisonment.
AUTHOR
Chris Dastoor
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
