Former authorised representative Barry David Hassell of Athelstone, South Australia, has pleaded guilty to 39 dishonesty charges brought by ASIC.
He appeared in the Adelaide Magistrates Court after the regulator brought more than 70 counts of dishonesty and failure to provide disclosure documents to his clients.
He has pleaded guilty to:
- Four counts of providing ASIC with false or misleading information, including the provision of clients’ files containing forged documents
- 10 counts of engaging in dishonest conduct, including submissions to insurers of applications for insurance that contained false information
- 25 counts of failing to provide a disclosure document to clients
Each charge of providing misleading information and failing to provide disclosure to clients carries a maximum of two years imprisonment, while each charge of engaging in dishonest conduct carries a maximum penalty of 10 years imprisonment.
While each count also carries the option of an additional fine, one count of dishonest conduct has the option of a maximum $750,000 fine.
The charges related to Hassell’s conduct between March 2002 and December 2011, covering his time as Director of B.D. & W.J. Hassell as a former authorised representative of a number of Australian financial services licensees.
In 2012, ASIC accepted an enforceable undertaking from Hassell to never again provide financial services.
He will appear in District Court in November for arraignment.