Aaron Bunch Journalist with Australian Associated Press | Collection of published work | + 61 484 008 119 | abunch@aap.com.au
Former CBA financial planner fined
A former CBA financial planner has been fined $3,000 after pleading guilty to forging client signatures.
December 13, 2017
A former Commonwealth Bank financial planner has been fined $3,000 for forging client signatures on documents.
Ricky David Gillespie, a former senior financial planner at Commonwealth Financial Planning, pleaded guilty in October to one charge related to the forgery of signatures on 33 documents.
The offences occurred between 2007 and 2009 while Gillespie worked at the Commonwealth Bank’s Broadbeach branch on the Gold Coast.
Gillespie was fined in the Brisbane Magistrates Court on Tuesday, with no conviction recorded, the Australian Securities and Investments Commission said on Wednesday.
Mr Gillespie forged signatures on various administrative and compliance documents, including clients’ applications for financial products and documents used for internal audit processes.
He was permanently banned by ASIC in 2012 from providing any financial services.
The watchdog’s investigation found Mr Gillespie engaged in misleading and deceptive conduct, including forgery and over-charging for inappropriate advice.
Commonwealth Bank has subsequently paid approximately $2.2 million in compensation to 33 of Mr Gillespie’s 57 clients, and refunded approximately $88,000 for ongoing advice fees and interest to 22 clients.
ASIC’s action against Mr Gillespie was part of its Wealth Management Project established in 2014, aimed at lifting the standards of financial advice from the four major banks, Macquarie Group and AMP.