Former investment manager sentenced for forged performance reports

ASIC enforcement investment management

11 November 2024
| By Laura Dew |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

3 days 21 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 1 day ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 3 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 19 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

1 day 21 hours ago