Former Macquarie private client adviser Trevor Lam has pleaded guilty in Downing Centre Local Court to a charge of dishonestly using his position with the intention of gaining an advantage for his girlfriend.
The charge follows an investigation by ASIC which found 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 super fund.
Lam ceased employment with Macquarie in March 2006 at which time Macquarie referred the matter to ASIC, compensated the client for losses and cooperated fully with the investigation.
ASIC banned Lam in December 2006 from providing financial services for a period of five years.
The matter has been adjourned to 14 September for sentencing.
