QLD adviser pleads guilty to dishonestly using $1.1m
A Queensland financial adviser has pleaded guilty to dishonestly using around $1.1 million of client money for his own use.
Anthony Vivian Dick from Townsville, Queensland, pleaded guilty to eleven counts which carried maximum penalties between 10 and 14 years.
The Australian Securities and Investments Commission (ASIC) alleged that between March, 2006 and December, 2017, Dick transferred around $1.1 million from clients’ superannuation, pensions and savings accounts.
This was then used to fund his personal lifestyle.
A date had not yet been set for his appearance at Townsville District Court but ASIC said it noted his early guilty plea.
Recommended for you
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
The Senate economics legislation committee has recommended Schedule 1 of the Delivering Better Financial Outcomes legislation be passed as it is a “faithful implementation” of the recommendations.
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.