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Financial planner deceives investors to steal millions of dollars

Publisher
The Office of the Commonwealth Director of Public Prosecutions
Date published
March 2019

Relevant impacts: Financial impact, human impact and industry impact

A financial planner lied to his clients by falsely stating he had invested their funds and that their investments were performing well. However, rather than investing $5.1 million of his client's funds, the financial planner used them as he pleased. The man was found guilty of 8 counts of fraud under the Corporations Act 2001 (Cth) and an additional 4 counts of fraud under the Crimes Act 1914 (Cth). He was sentenced to 10 years in prison.

Related countermeasures

Conduct internal or external audits or reviews to evaluate the process, purpose and outcome of activities. Clients, public officials or contractors can take advantage of weaknesses in government programs and systems to commit fraud, act corruptly, and avoid exposure.

 Investigate fraud in line with the Australian Government Investigation Standards (AGIS).

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