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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How the protection of a prudential regulator convinced Mulino to revive DBFO

How the protection of a prudential regulator convinced Mulino to revive DBFO

The additional consumer protections provided by a prudential regulator ultimately convinced Minister for Financial Services Daniel Mulino that he could go ahead with a restricted form of the new class of adviser proposals contained in the Delivering Better Financial Outcomes reforms. At the Conexus 2026 Retirement Leaders Summit on Wednesday, Mulino said his thinking had been reshaped by the collapse of the Shield and First Guardian managed investment schemes.

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