Former investment manager sentenced for forged performance reports
Former investment manager, Brett Paul Trevillian, has been sentenced for forging performance reports related to managed discretionary account (MDA) investments.
Trevillian was sentenced in the Sydney District Court on 8 November 2024, after pleading guilty to two counts of making a false document to obtain a financial advantage under s253 of the Crimes Act (NSW).
The maximum sentence for making a false document to obtain a financial advantage under section 253 of the Crimes Act 1900 (NSW) is 10 years’ imprisonment.
An ASIC investigation found that between April and October 2019, he forged four portfolio performance verification reports related to two products offered by investment business, AlphaThorn. These products were managed discretionary account investments offered to wholesale investors, being the Secured Service and the Enhanced Service.
AlphaThorn provided the portfolio performance verification reports to potential investors. The forged portfolio performance verification reports falsely verified or claimed a history of successful investment returns.
They also falsely claimed that trading had been conducted through a particular broking firm and that the reports had been produced by an external firm of accountants who had verified actual trading, including forging the signature of an accountant.
ASIC deputy chair Sarah Court said: “ASIC welcomes the sentencing decision which reflects our ongoing efforts to stamp out misconduct. Trevillian failed to fulfil his legal obligations, acted dishonestly, made false and misleading representations, and breached the trust of those he was engaged to act for.”
The sentence was stood over until 20 December 2024 to enable Trevillian’s suitability for an Intensive Correction Order to be assessed. His bail conditions continue on the existing terms.
The matter was prosecuted by the Office of the Director of Public Prosecutions after an investigation and referral by ASIC.
AlphaThorn now operates under the name Trading Life Services Pty Ltd, which was banned from providing financial services for five years in December 2022.
ASIC cancelled the Australian Financial Services Licence of Metal Alpha, where Trevillian was a director, on 19 May 2022 after the firm confirmed it was no longer carrying on a financial services business and had no intention to resume trading.
AUTHOR
Laura Dew
Recommended for you
A major E&P shareholder has admonished the firm’s decision to delist the company at a time when shares are finally starting to recover from significant losses, as “only a handful” of its shareholders will have benefited.
Boutique fund manager Spatium Capital has announced consolidation plans with Singapore-based investment group Conduit Group.
Organisations must go beyond recruiting a diverse workforce and embed a culture of inclusion to reap the benefits, according to one executive.
The victory by Donald Trump in the US presidential election could cause fund managers to reconsider the naming of their ESG funds as the US undergoes a political backlash to sustainable investing.
