Former options advisor and stockbroker, Mr Neville John Kakoschke today appeared in the Adelaide Magistrates Court on 52 forgery charges arising from an investigation by the Australian Securities and Investments Commission (ASIC).

Mr Kakoschke, of Thorngate in South Australia, was employed as a dealer’s representative of two stockbroking firms, Dicksons Limited between 14 July 1997 and 8 June 2002 and Bell Potter Securities Ltd, between 11 June 2002 and 7 April 2003.

As a result of an investigation, ASIC alleges that between 13 September 2001 and 11 March 2003, Mr Kakoschke forged collateral lodgement forms and so used his clients’ shares, without their consent, as security for trading on other clients’ accounts as well as for his personal options accounts. It is alleged this placed clients at risk without their knowledge.

A consequence of Mr Kakoschke’s conduct was that it enabled some clients’ accounts to trade well beyond their personal financial means and this contributed to those clients sustaining greater losses than they otherwise may have done.

The charges are being prosecuted by the Commonwealth Director of Public Prosecutions.

Mr Kakoschke was required to enter into a bail agreement in the sum of $5,000.

Mr Kakoschke has been remanded to re-appear in the Magistrates Court on 19 November 2004 for declarations to be filed, and again on 17 December 2004 to answer charges.