Sydney District Court finds a local financial planner guilty of dishonest conduct and passes a three year jail sentence.
A financial planner has received a jail sentence after being charged with six counts of dishonest conduct.
Peter Braun, from Rose Bay, New South Wales, was sentenced last Friday to three years and nine months in prison, which includes a non-parole period of two years and five months.
ASIC alleged Braun was responsible for managing about $1.2 million on behalf of six investors who were told they were investing into individual accounts to be traded by Braun. The funds were allegedly pooled into one account and almost $840,000 was lost between July 2005 and October 2006.
Braun subsequently provided false and misleading reports regarding the value of investments during this period of time, ASIC said.
A further two charges were laid against Braun for forging documents to conceal the true state of the funds he was managing.
Mr Braun was working as an authorised representative of Fundamental Group Pty Ltd which entered voluntary administration in 2006, as a result of inappropriate trading by Braun. The group owed investors about $1.3 million.
Braun will be eligible for release on 24 December 2010.
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