October 27, 2017
A banned, former National Australia Bank adviser has pleaded guilty to two charges of forging and submitting financial planning documents for his own personal gain.
The adviser, Shane Thompson, of New Gisborne, Victoria, pleaded guilty in the Melbourne Magistrates’ Court to the charges which had been brought by ASIC.
The regulator alleged that between 27 December 2012 and 1 March 2013, Thompson completed 22 false ‘Change of Adviser’ forms and submitted them to MLC Ltd in order to transfer National Australia Bank (NAB) clients to his personal financial planning client list.
ASIC also claimed Thompson forged client signatures on each form and undertook this process without his clients’ knowledge or authorisation so he could receive additional financial planning remuneration from NAB.
Thompson, who was banned for seven years in early 2016, was convicted on both charges and fined an aggregate of $1,000 with $293.30 in costs.
NAB stated it welcomed the investigation by ASIC and the conviction against Thompson and had reported him to ASIC as well as supporting the regulator’s investigation.
NAB Executive General Manager of Wealth Advice, Greg Miller added the bank had terminated his employment in March 2013 after discovering he had forged clients’ signatures in an attempt to increase his own remuneration at the expense of the NAB.
“We expect our advisers to do the right thing at all times – by their customers and us as their employer, and we will always hold them to account,” Miller said.