ASIC has announced former Sydney financial adviser, Sam Maxwell Henderson, has pleaded guilty to what the regulator calls one ‘rolled up’ charge of dishonest conduct, and two counts of making a disclosure document available to a person knowing it to be defective, both of which are offences under the Corporations Act.
In its release, ASIC alleged Henderson engaged in dishonest conduct between 1 July 2010 and November 2017, whilst the chief executive officer, director and senior financial adviser of Henderson Maxwell Pty Ltd, when he made false representations that he had a Master of Commerce when he did not hold that qualification. Specifically, ASIC noted these breaches occurred:
- In 115 PowerPoint presentations he gave to prospective clients from 2010 to 2016
- On the Henderson Maxwell website from October 2012 to August 2016
- In Henderson Maxwell brochures distributed between 2013 and 2017 and in an Information Memorandum dated May 2011
ASIC alleged Henderson also breached sections of the Corporations Act in 2014 and 2016 by giving two clients a Financial Services Guide, containing the false representation that he held a Master of Commerce (Financial Planning).
In addition, ASIC alleged Henderson made the false representation that he held a Master of Commerce in:
- A book titled ‘One-Page Financial Plan: Everything you need to successfully manage your money and invest for wealth creation’ authored by Henderson and published in 2013
- An interview conducted by a freelance writer, and a subsequent marketing profile prepared on Henderson to promote the Sydney Graduate School of Management (SGSM) Master of Commerce (Financial Planning) course
- Some of his professional biographies and descriptions
The regulator notes a dishonest conduct offence under s1041G of the Corporations Act 2001 (Cth) carries a maximum penalty in the local court of two years’ imprisonment or a fine not exceeding 120 penalty units, or both, while each defective disclosure offence under s952D(2)(a)(ii) Corporations Act carries a maximum penalty in the local court of 12 months’ imprisonment or a fine not exceeding 60 penalty units, or both.
ASIC advises Henderson will be sentenced in the Downing Centre Local Court in Sydney on 13 October 2020.
See also: Sam Henderson Banned…