ASIC has charged a Perth-based stockbroker with three counts of dishonesty regarding the use of almost $1.6 million in client funds.
Following an ASIC investigation, stockbroker Lewis Anthony Wright Fellowes was charged with three counts of dishonesty using $1,595,000 of his clients' money.
"Mr Fellowes, a stockbroker, was charged with these offences following an investigation by ASIC into, amongst other things, Mr Fellowes' conduct in dealing with the margin loan accounts of Queensland clients over the period October 2008 to July 2010," ASIC said in a statement.
“It is alleged Mr Fellowes dishonestly obtained money from his Queensland clients' margin loan accounts and used those funds for his own purposes.”
The charges carry a penalty of up to 12 years imprisonment. Mr Fellowes was not required to enter a plea and was granted conditional bail.
The matter will be heard again at the Brisbane Magistrates Court on 13 May 2016.
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