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Friday 28 October 2016

16-366MR ASIC bans former Gladstone financial advisor

ASIC has permanently banned Ms Linda Rae Whelan from providing financial services or engaging in credit activity after she was sentenced to imprisonment for fraud and stealing charges brought by the Queensland Director of Public Prosecutions.

The charges stemmed from conduct that occurred between 31 October 2013 and 20 June 2014. During this period, Ms Whelan misused her position as treasurer of an organisation by drawing cheques from the organisation's account which Ms Whelan subsequently cashed for her own benefit. As a result of Ms Whelan's actions, the organisation lost $33,419.11.

As part of Ms Whelan's sentence, Judge Dick of the Brisbane District Court ordered that Ms Whelan pay the organisation $33,419.11 in compensation.

ASIC Deputy Chairman Peter Kell said, 'Dishonesty by any financial advisor will not be tolerated by ASIC. We will take steps to remove financial advisors who have acted dishonestly from the financial services and credit industry in order to protect consumers.' 

Background

On 10 June 2016, Ms Whelan was sentenced to 2 years and 6 months imprisonment (wholly suspended for 3 years) in the Brisbane District Court on one count of fraud under section 408C of the Queensland Criminal Code and one count of stealing under section 398 of the Queensland Criminal Code.  

Ms Whelan was an Authorised Representative under National Adviser Services Pty Ltd, AFSL No. 233750. Ms Whelan's status as an authorised representative of National Adviser Services Pty Ltd ceased on 3 August 2016.

This matter was prosecuted by the Queensland Director of Public Prosecutions.

Last updated: 30/03/2021 09:33