Former financial adviser jailed for two years
A former Perth-based financial adviser today was jailed for two years for stealing almost $1.5 million worth of shares.
Todd Michael King was sentenced to two years jail and was made eligible for parole.
In September 2014, following a four-week trial, a jury found Mr King guilty of stealing two parcels of Wesfarmers Ltd shares valued at approximately $1,479,050 from a client’s account to meet margin calls on Mr King’s mother’s margin lending account.
This followed an ASIC investigation into Mr King’s conduct between late-2007 and early-2008.
ASIC Commissioner John Price said, ‘A jail sentence shows that the court views misconduct by financial advisers very seriously.
‘ASIC will continue to focus on holding advisers who break the law to account in order to maintain consumer confidence in the financial services industry.’
The Commonwealth Director of Public Prosecutions prosecuted the matter.
Background
In May 2011 ASIC permanently banned Mr King from financial services (refer: 11-106AD).
Source: ASIC- Former financial adviser jailed for two years
