ASIC: ex-FSPA advisor goes to jail for 7 years

Ex-FSPA advisor goes to jail for 7 years, as the Australian regulator states he was involved in fraudulent activities. Also, ASIC sets charges against him in the Australian court. What have been unmasked?

15 November AtoZForex – Ex-FSPA advisor, Darren John Wise, who was previously proved guilty of using forged documents and fraud is now being sentenced to 7 years in jail, as the Australian Securities and Investments Commission (ASIC) has reported.

Ex-FSPA advisor goes to jail for 7 years

Mr. Wise has been given a seven-year jail sentence in a local Australian court for fraudulent activities, according to ASIC. Mr. Wise had charges related to forged signatures in the period between 23 October 1997 and 10 March 2006. As a financial advisor, he has reportedly created six applications for margin loans, where he forged eight clients’ signatures. His main objective was to represent false signatures that would show his clients have agreed to act as guarantors for the margin loans.

Mr. Wise also has used this false margin lending applications with the purpose of falsely convincing the lender to provide him margin loans.

Moreover, Mr.Wise’s fraudulent activities have brought him more than $1 million under the margin loans. He used this money for his own purposes, that includes trading in securities on the ASX, paying off personal debts, and paying for his losses in other trading accounts.

ASIC: we will not tolerate it anymore

Greg Tanzer, the ASIC Commissioner,has stated that Mr. Wise was engaging in dishonest activities frequently, as he always put his own interests above his clients.

He stated that this type of activities weakens the trust and confidence across the financial advice industry and neither the border community, nor ASIC will tolerate it anymore. Mr. Tanzer has added:

“We will act to ensure financial advisers who act dishonestly are held to account for their actions.”

ASIC has already permanently banned Mr. Wise from providing any financial services in February 2016, and ultimately, he was sentenced for seven years in jail on the 14th November 2016.

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