Former financial planner sentenced to jail time

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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.

More stories:

Investment director banned from financial services for five years

Former financial adviser pleads guilty to dishonesty charges

Financial advisers: Are you on ASIC’s FoFA hit list?

 

  • Innocent Observer on 3/01/2013 10:29:47 AM

    Good work on the part of ASIC, the courts, and the licensee.

    I still think 2 years (or more likely 13 mths) is a bit lenient, but at least it's going the right direction.

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