Australia: Former Stockbroker Facing Up To 12 Years In Jail
- Australian stockbroker charged for using over $1.5m of client funds for his own use.
Following an investigation by the Australian Securities and Investments Commission investigation (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term), 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.
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.
Following an investigation by the Australian Securities and Investments Commission investigation (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term), 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.
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.