Powered by MOMENTUM MEDIA
the adviser logo
Lender

Former big bank adviser charged with forging documents

by Lucy Dean4 minute read
Fraud, jail, forged documents

The Australian Securities and Investments Commission has charged a former adviser at NAB with forging financial planning documents.

Shane Thompson appeared before the Bendigo Magistrates' Court on 31 July on charges brought forth by ASIC. The watchdog alleged that between 27 December 2012 and 1 March 2013, the financial adviser had completed 22 false client change of adviser forms before submitting them to MLC in order to transfer NAB clients to his own personal financial planning client list.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

NAB terminated Mr Thompson's employment in March 2013.

According to ASIC, Mr Thompson forged client signatures and facilitated the transfer without clients’ knowledge or authorisation. By doing so, ASIC added, Mr Thompson “could receive additional financial planning remuneration from his employer, the NAB.”

Advertisement
Advertisement

The case was adjourned for a plea hearing on 26 October this year at the Melbourne Magistrates' Court.

On 4 February 2016, ASIC banned Mr Thompson from providing financial services and credit activities for seven years after finding that he was “not a fit and proper person to . . . engage in credit activities.”

Peter Kell, ASIC deputy chair, said at the time: “ASIC's action against Mr Thompson should serve as a lesson to any financial advisers committing similarly brazen misconduct. ASIC will ban you.”

The case is the result of ASIC’s Wealth Management Project established in October 2014. It was designed to lift the standards of the major and larger banks and focuses on NAB, Westpac, CBA, ANZ, AMP and Macquarie.

So far, the project has resulted in 35 advisers being banned from the financial services industry.

[Related: Mortgage fraud case ‘reassuring’ for brokers]

fraud jail

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

ABA finalists

Finalists for 2022 Australian Broking Awards revealed!

Run with the support of principal partner NAB, the Australian Broking Awards – which is now in its 12th year –...

READ MORE
Anthony Albanese new ta

Home owners in flood regions offered cash payments

Speaking at a press conference on Wednesday (6 July), Prime Minister Anthony Albanese confirmed that residents in the...

READ MORE
Sam Henley

Fifo invests further into BDM team

According to Fifo Capital (Fifo), Sam Henley joined the lender as its senior business development manager –...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more