Following an investigation by the Australian Securities and Investments Commission investigation (ASIC), former Australian stockbroker, Lewis Anthony Wright Fellowes, has appeared in court charged with three counts of dishonestly applying to his own use money belonging to his clients, totaling $1,595,000.
Fellowes was charged with dishonestly obtaining money from his Queensland clients’ margin loan accounts during the period October 2008 to July 2010 and using the funds for his own purposes.
The charges, under the Queensland Criminal Code, of dishonestly applying property valued at more than $30,000 carries a penalty of up to 12 years imprisonment.
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Fellowes was not required to enter a plea and was granted conditional bail. The matter is listed for return at the Brisbane Magistrates Court on 13 May 2016.
As Australia’s corporate, markets and financial services regulator, ASIC seeks to ensure that its financial markets are fair and transparent. The latest release issued by the watchdog is part of its service to keep investors and consumers informed about illegal practices and irregularities in the financial industry.