Former Sydney financial advisor, Alan Brown, has been jailed for three years and 21 months without parole after pleading guilty to six counts of fraud.
Brown was sentenced in the Downing Centre District Court late last week after pleading guilty on 10 May 2011 to six charges brought by ASIC.
The charges were one count of obtaining money by deception, one count of using a false instrument and four counts of dishonest conduct in relation to financial services.
Brown fraudulently withdrew $600,000 from five clients' accounts without their permission between July 2002 and July 2008, an ASIC statement said.
He also forged a client's signature on a falsified withdrawal request from a client's account for his own usage.
The sentencing followed ASIC's investigation into his role as an adviser.
His conduct was brought to ASIC's attention by Bridges Financial Services.
"ASIC's action against Mr Brown reflects the Commission's commitment to building confidence in the integrity of Australia's financial planning industry by ensuring those providing advice maintain high ethical standards," the statement said.
