CDPP wins appeal against Lawson Stuart Donald

The Commonwealth Director of Public Prosecution (DPP) has won its appeal against a former private client adviser, with the New South Wales Court of Criminal Appeal sentencing Lawson Stuart Donald to one year in prison for the misappropriation of $1.7 million of client monies.

The former Bell Potter Securities adviser from Maroubra, New South Wales, pleaded guilty to intentionally misusing his position to gain $1.7 million for himself by rebooking share trades and transferring trades from one client account to another. In April he received a 30-month sentence in Sydney District Court, fully suspended upon entering a two-year good behaviour bond.

The DPP, in consultation with the Australian Securities and Investments Commission, described the initial suspended-sentence decision as “manifestly inadequate”.

ASIC commissioner Greg Tanzer said he was satisfied with the Court of Criminal Appeal’s sentence as it recognised “the seriousness of Donald’s conduct and will serve to deter others from engaging in similar behaviour”.

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ASIC lambasts platform trustees for poor adviser oversight

ASIC lambasts platform trustees for poor adviser oversight

ASIC has criticised platform trustees’ oversight of advice documents, monitoring of advice fee caps and investment holding limits in a damning report covering the industry’s major providers. The report comes as the Super Members Council launches a fresh attack on the more than $1 billion in advice fees being deducted from superannuants’ accounts.

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