A former Guardian Financial Planning financial adviser has pleaded guilty to falsifying 65 insurance applications between August 2009 and May 2011.
Sydney-based Susan Heathwood pleaded guilty in the Downing Centre Local Court to two counts of dishonest conduct.
Heathwood collected $380,897 in commissions from the falsified applications.
Around $326,207 was retrieved by the insurance companies in the form of writebacks.
The matter was adjourned to 6 July in the Downing Centre District Court for sentencing and Heathwood was granted conditional bail.
At the time of the dishonest conduct, she was an authorised representative of Guardian Financial Planning and an employee of Jalee Consulting Group. She provided financial advice and arranged life insurance.
In February, ASIC permanently banned her from providing financial services following an investigation into the conduct.
The first offence carries a maximum penalty of five years' imprisonment or a $22,000 fine, or both. The second offence carries a maximum penalty of 10 years' imprisonment or a $450,000 fine, or both.
