Mr Shane Thompson, of New Gisborne, Victoria, has appeared in the Bendigo Magistrates' Court on two charges brought by ASIC that he forged financial planning documents.
ASIC alleges that between 27 December 2012 and 1 March 2013, Mr Thompson completed 22 false client change of adviser forms and submitted them to MLC Ltd to transfer National Australia Bank (NAB) clients to his personal financial planning client list. ASIC alleges that Mr Thompson forged client signatures on each form and undertook this process without clients' knowledge or authorisation so that he could receive additional financial planning remuneration from his employer, the NAB.
At a hearing on 31 July 2017, the matter was adjourned for a plea hearing in the Melbourne Magistrates Court on 26 October 2017.
The Commonwealth Director of Public Prosecutions (CDPP) is prosecuting the matter.
Background
Mr Thompson was employed by the NAB as a financial planner during the time the alleged misconduct took place.
Mr Thompson has been charged under sections 83A(1) and 83A(2) of the Crimes Act 1958 (Vic). The maximum penalty for each offence is ten years imprisonment.
ASIC has previously banned Mr Thompson from providing financial services and credit activities for seven years (refer: 16-022MR).
Wealth Management Project
This outcome is a result of ASIC's Wealth Management Project. The Wealth Management Project was established in October 2014 with the objective of lifting standards by major financial advice providers. The Wealth Management Project focuses on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ, AMP and Macquarie).
ASIC's work in the Wealth Management Project covers a number of areas including:
- working with the largest financial advice firms to address the identification and remediation of non-compliant advice; and
- seeking regulatory outcomes when appropriate against licensees and advisers.
As part of its Wealth Management Project, ASIC has banned 35 advisers from the financial services industry (two advisers have current appeals before the Administrative Appeals Tribunal).