Former Adelaide financial adviser, James Gibbs, has pleaded guilty to 28 dishonesty offences committed when he was a financial planner and director of James Gibbs Investments Pty Ltd (JGI). JGI operated in Franklin St, Adelaide.

ASIC alleged that between 20 August 2009 and 30 July 2016, Gibbs stole approximately $4.88 million of funds that he was managing for his clients. A number of clients had self-managed superannuation funds, which Gibbs was able to access via client bank accounts.

ASIC also alleged that between 25 June 2012 and 30 July 2016, Gibbs created and used false documents, including banking documents and member statements.

Gibbs appeared in the Adelaide Magistrates Court on 1 February 2019 and pleaded guilty to all offences. He was placed on bail and was remanded to appear in the committal court on 27 February 2019. He faces a maximum penalty of 10 years imprisonment for each offence committed prior to May 2012, or 15 years imprisonment for each offence committed after that time.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Background

The alleged misconduct occurred while Mr Gibbs and JGI were authorised representatives of Madison Financial Group Ltd (AFSL 246679). ASIC became aware of the allegations as a result of a breach report by Madison.

Editor's note:

On 27 February 2019, Mr Gibbs appeared in the Adelaide Magistrates Court and was committed to the District Court for sentence. He will be arraigned on 3 May 2019 at 9am.

Editor's note 2:

On 3 May 2019, Mr Gibbs appeared before the District Court in Adelaide. His bail was cancelled and he was remanded in custody pending sentence. Sentencing submissions will occur on 28 June 2019 at 9.30am.

Editor's note 3:

Sentencing submissions took place in the Adelaide District Court on 28 June 2019. Mr Gibbs has been remanded in custody for sentence, to be delivered on 10 July 2019 in the District Court, Adelaide.