Townsville adviser jailed for fraud
Former authorised representative of FTL Financial Advice, Neil Francis Dodd, has been jailed for eight years for fraud.
Dodd pleaded guilty in Townsville’s District Court to 13 charges of fraud following an investigation by the Australian Securities and Investments Commission (ASIC). He was convicted of dishonestly gaining a benefit for himself and his company, Understanding Retirement.
ASIC commenced proceedings to wind up the company in July 2008, as well as N.F. and J.M. Dodd & Associates. Dodd was a director of both companies.
ASIC found that many of Dodd’s clients, who had approached him about general investment and superannuation matters, had been asked by him to purchase shares in Understanding Retirement.
A total of $925,250 was provided to Dodd to purchase shares or invested in other products, but was instead spent by Dodd on personal and business expenses, ASIC found.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
