Former Macquarie private client adviser Trevor Lam has been sentenced in the Sydney District Court to an 18-month good behaviour bond for illegal conduct.
The 35-year-old was charged for using his position at Macquarie with the intention of gaining an advantage for his girlfriend.
The charge was brought forward by the Australian Securities and Investments Commission (ASIC).
“The breach of trust or responsibility by an adviser toward a client was a serious matter and eroded confidence in the profession,” ASIC executive director for enforcement Jan Redfern said.
Between September 2005 and January 2006 Lam arranged for the unauthorised transfer of Australian Securities Exchange traded call option contracts, with unrealised losses in excess of $210,000 from his girlfriend’s account at Macquarie to another client’s superannuation fund, according to ASIC.
Lam halted employment with Macquarie in March 2006. Macquarie referred the matter to ASIC and compensated the client for losses and cooperated fully with the investigation.
ASIC has banned Lam from providing financial services for five years in December 2006.
