Former adviser, Sam Henderson, has been sentenced this week in the NSW Local Court in relation to defective disclosure and dishonest conduct charges.
The former CEO, director and senior financial adviser of advice firm Henderson Maxwell is to enter into a recognisance bond to be of good behaviour for a period of two years, according to an ASIC release, which states he was also fined $7,000 and $3,000 for the respective charges.
In August, Henderson pleaded guilty to:
- One ‘rolled up’ charge of dishonest conduct, an offence under section 1041G of the Corporations Act
- Two counts of making a disclosure document available to a person knowing it to be defective, contrary to the relevant section contained within the Corporations Act
The regulator states it alleged, and the Court has declared, that between 1 July 2010 and November 2017, Henderson engaged in dishonest conduct when he made false representations that he had a Master of Commerce, when he did not hold that qualification.
ASIC also alleged Henderson breached the law in two instances 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).
Additionally, ASIC alleged Henderson made the false representation that he held a Master of Commerce in some of his professional biographies and descriptions, and in other circumstances which the regulator has documented.
In handing down her sentence, the Magistrate noted the need for the Court to send a message to the community at large that being a financial advisor is a specialist position. She noted marketing material and websites, including qualifications, need to be correct.
See also: Sam Henderson Pleads Guilty to Dishonesty, Disclosure Charges
