ASIC has successfully helped convict a former CBA financial planner on appeal.
ASIC, together with the Commonwealth Director of Public Prosecutions (CDPP), appealed the sentence of former Commonwealth Financial Planning adviser Ricky David Gillespie.
ASIC's investigation between 1 January 2007 and 13 June 2009 alleged that Gillespie, a senior financial planner on the Gold Coast at the time, forged the signatures of clients on documents relating to financial product applications and internal documents to meet the bank's internal audit requirements.
Gillespie pleaded guilty to forging 33 client documents.
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On 12 December 2017, Gillespie was fined $3000 but was not convicted after pleading guilty to a rolled-up charge of forgery.
The CDPP subsequently filed a notice of appeal against the sentence on the basis that it was "manifestly inadequate."
In ordering a conviction, Judge Rosengren said Gillespie committed an offence of dishonesty by a person occupying a position of trust.
The documents forged were "protective in nature" both in terms of the bank and the clients, Rosengren said.
When confronted by CBA staff that he had committed forgery, Gillespie denied doing so and continued to commit such acts until April 2009, Rosengren added.
The appeal was heard in the Brisbane District Court on September 14. ASIC and the CDPP subsequently received the judgment in their favour on September 20.
Separately, ASIC recently announced it is offering assistance to drought-stricken farmers and related businesses suffering from financial hardship.
The corporate regulator will offer information about available financial counselling services and provide company fee relief to those affected by the drought.