The Australia Securities and Investments Commission (ASIC) has permanently banned Linda Rae Whelan from providing financial services or engaging in credit activity after she was sentenced to imprisonment for fraud and stealing charges.
The charges stemmed from conduct that occurred between October 31, 2013, and June 20, 2014. During this period, Whelan misused her position as treasurer of an organisation by drawing cheques from the organisation’s account, which she subsequently cashed for her own benefit. As a result, the organisation lost $33,419.11.
As part of Whelan’s sentence, Judge Dick of the Brisbane District Court ordered she pay the organisation $33,419.11 in compensation.
ASIC deputy chairman Peter Kell says: “Dishonesty by any financial advisor will not be tolerated by ASIC. We will take steps to remove financial advisors who have acted dishonestly from the financial services and credit industry in order to protect consumers.”
Whelan was sentenced to two years and six months imprisonment (wholly suspended for three years.
Meanwhile, West Australian-based property developer, Desiree Veronica Macpherson, and various companies associated with the Macro Realty Group, of which Macpherson is a director and direct/indirect shareholder, (the Macro Companies) have consented to ASIC continuing various interim orders obtained in the Perth Federal Court earlier this year.
ASIC had previously obtained a range of interim orders restraining Macpherson and the Macro Companies from providing financial services advice, dealing in financial products, promoting financial products and otherwise carrying on a financial services business. ASIC also obtained various travel restraint and asset preservation orders.
The consent orders obtained today continue the interim orders until 4pm on June 30, 2017, or until further order.
The orders were sought as part of ASIC’s ongoing investigation into a land development in the Pilbara region of WA, known as “The Newman Estate”, which was subject to ASIC action and Federal Court permanent restraint orders in May.
As the investigation is continuing, no further comment can be made at this time.