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Financial Planning

ASIC bans adviser over $5m fraud

ASIC has permanently banned former Sentinel Wealth financial adviser Gavin Fineff, after he was charged with misappropriating between $3.3 and $5 million of client money.

On May 7, Fineff was arrested and charged by New South Wales Police with 18 offences of dishonestly obtaining financial advantage by deception.

Now, ASIC has permanently banned him and has suggested that Fineff may have sourced more than $5 million from clients and individuals as loans.

Fineff had a gambling addiction and allegedly gambled these funds, without the knowledge or consent of clients, and lost a significant amount.

ASIC also found Fineff was providing financial services outside of his authorisation from Sentinel and that he also acted in conflict with Sentinel - even competing with Sentinel.

The regulator found Fineff breached financial services laws by failing to act in the best interests of clients and engaging in unlicensed conduct.

Concluding that Fineff was likely to breach financial services law in the future, was not adequately trained and was not a fit and proper person to provide financial services, ASIC said a permanent ban was necessary.

Fineff has the right to appeal ASIC's decision in the Adiministrative Appeals Tribunal.

His banning and arrest comes almost a year after Sentinel first lodged a breach notification with ASIC in relation to Fineff's behaviour on 25 March 2020.

Read more: ASICGavin FineffSentinel WealthAdiministrative Appeals TribunalNew South Wales Police