Former adviser pleads guilty to dishonest conduct

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A former adviser has pleaded guilty to charges involving more than $1m of his clients' assets.

Former NSW financial adviser Darren Wise has pleaded guilty in the Maroochydore Magistrates Court to three charges of dishonestly gaining a benefit, the making of false documents, and use of false documents.

Wise admitted that between 1997 and 2006 he created six applications for margin loans which falsely stated clients had agreed to act as guarantors on the loans, provided the applications with the intent of fraudulently inducing the lender to provide him margin loans and on 67 separate occasions dishonestly gained a benefit for himself by lodging securities owned by five clients as collateral for the margin loans without the clients' authorisation.

Wise obtained a total of $1,070,700 under the margin loans, which he used for his own purposes. He was granted bail and the matter has been committed to the Maroochydore District Court for sentence on a date to be fixed.