QLD adviser sentenced to eight-year imprisonment
A former Townsville financial adviser has been sentenced to eight years in prison for dishonestly using $1.1 million from his clients’ accounts.
Anthony Vivian Dick was imprisoned for eight years with a two year and eight-month non-parole period following an investigation by the Australian Securities and Investments Commission (ASIC).
Between March 2006 and December 2017, Dick transferred around $1.1 million from his clients’ superannuation, pension and personal savings accounts. This was then spent on personal items including a $72,000 boat.
He provided advice on behalf of Jigsaw Support Services, GWM Adviser Services and Synchronised Business Services. Synchron ceased Dick’s authorisation in April 2018 and reported the matter to the regulator.
In sentencing, Dick was described as “having had a significant impact on his victims and diminishing public trust in the financial services industry”.
ASIC deputy chair Daniel Crennan QC said, “Dick has been found to have breached the trust of his clients, who included unsophisticated investors and intellectually disabled consumers whom he deliberately targeted.
“These vulnerable clients placed their trust in Mr Dick and relied heavily on him to manage their finances. His conduct involved a gross breach of this trust and resulted in significant losses for his clients over more than 10 years. His sentencing should send a strong message that such conduct will lead to individuals involved being brought before the court to face criminal charges.”
The matter was prosecuted by the Commonwealth Director of Public Prosecutions after a referral from ASIC.
AUTHOR
Laura Dew
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