Former adviser gets 18 months sentence
A former West Australian financial adviser has been convicted of one count of providing a financial service on behalf of a person who carries on a financial services business while unauthorised to do so and one count of engaging in dishonest conduct in relation to a financial service.
The Australian Securities and Investments Commission (ASIC) said the man, John Wertheimer, was sentenced to a total of 18 months’ imprisonment, to be released forthwith after entering into a recognisance release order in the amount of $5,000 to be of good behaviour for 18 months. Wertheimer was also fined $5,000 for each of the two offences.
It was alleged that between 1 May 2020 and 21 May 2020, Wertheimer made 48 unauthorised transactions on the trading accounts of clients using the Netwealth online trading platform. Between 29 May 2020 and 22 July 2020, Wertheimer also lodged five hard copy investment instruction documents with Netwealth, which contained forged signatures, purporting to relay instructions to deal with financial products on behalf of clients.
ASIC said that as a result of his conviction, Wertheimer is also automatically disqualified from being a company director for five years.
The regulator noted that Wertheimer had previously pleaded guilty to the charges in September, last year.
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