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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