Former director convicted of dishonest conduct

A former director of a financial advice company was today convicted of dishonest conduct.

In October 2014 Barry David Hassell of Athelstone, South Australia, pleaded guilty to 39 charges including dishonest conduct, providing ASIC with false or misleading information and failing to provide a disclosure document to clients (refer: 14-268MR).

Mr Hassell’s misconduct occurred for more than seven years during his time as a director of B.D. & W.J. Hassell Pty Ltd and as a former authorised representative of a number of Australian financial services licensees. Mr Hassell provided advice to clients about life insurance and superannuation products.

Appearing in the Adelaide District Court, Mr Hassell was sentenced to 12 months imprisonment, to be released forthwith on his own recognisance of $100, to be of good behaviour for a period of 12 months.

ASIC Deputy Chairman Peter Kell said: ‘Mr Hassell failed to act in the best interests of his clients. ASIC and the courts will not tolerate conduct that does not live up to community expectations.’

The Commonwealth Director of Public Prosecutions prosecuted the matter.

Source: ASIC