Former financial planner Trevor Wayne Carll was sentenced to two years in prison with a non-parole period of 13 months, for his deception and dishonest dealings with documents.
Carll was permanently banned from financial planning in February 2011 after he deceived two clients and arranged for their assets, totalling more than $900k, to be held as security for his personal margin loan facility.
ASIC Commissioner Peter Kell said the jailing of Carll “should serve as a deterrent to any financial adviser tempted to deceive their clients or act dishonestly”.
Financial advisers must act honestly and in the best interests of their clients to develop broader confidence in the financial services industry, he said.
The clients lost more than $50k, but negotiations between the licensees and financial institutions involved have resulted in full compensation.
Carll’s conduct was brought to ASIC’s attention by the licensees. The offences happened between May and July 2005, while he was employed by Bruce McDonald Investment Services Pty Ltd.
He was an authorised representative of Financial Wisdom Ltd, Financial Planning Services Australia Pty Ltd and Genesys Wealth Advisers Ltd.
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