Former WealthSure financial adviser jailed for $500,000 fraud

Former WealthSure financial adviser, Mr Brian William Veitch, has been sentenced to 6 years and 2 months imprisonment with 4 years non-parole after pleading guilty to 22 charges brought by ASIC.

Mr Veitch, formerly of Minto, New South Wales, was sentenced in the NSW District Court after pleading guilty to 22 counts of using a false instrument.

Mr Veitch was an authorised representative of WealthSure Pty Ltd from 14 December 2005 to 23 February 2010. During this time, Mr Veitch admitted to:

• 21 counts of using false withdrawal requests to cause the fraudulent transfer of funds totalling approximately $500,000 from seven clients’ accounts without their knowledge or authority for his own purposes, and
• 1 count of providing a client with a false portfolio statement causing the client to believe that $300,000 was still in their account when, in fact, it was not.

Deputy Chairman Peter Kell said, ‘Mr Veitch’s actions were planned and deliberate, demonstrating a complete disregard for the interests of his clients.

‘The sentence shows that the court views this sort of misconduct by financial advisers very seriously.’

The Commonwealth Director of Public Prosecutions prosecuted this matter.