Former Townsville financial service adviser Anthony Vivian Dick was sentenced to eight years’ imprisonment following an investigation lead by the Australian Securities and Investments Commission (ASIC).
Dick pleaded guilty to eleven counts of dishonestly applying to his own use, property belonging to another.
Dick accessed and transferred around $1.1 million from his clients’ superannuation, pension and personal savings accounts from March 2006 and December 2017.
ASIC’s investigation exposed that Dick used his clients’ money to fund his lifestyle, including the amount of $72,000 to purchase and maintain a boat.
The judge noted that head sentence of nine years’ imprisonment would have been appropriate, but for the self-reporting and co-operation of the defendant.
The judge also described Dick’s conduct as having had a significant impact on his victims and diminishing public trust in the financial services industry.
Dick has provided financial advice on behalf of Jigsaw Support Services Limited, GWM Adviser Services Limited and most recently, Synchronised Business Services Pty Ltd, who ceased authorisation of Dick in April 2018 and reported the matter to ASIC.
Mr Dick has been found to have breached the trust of his clients, who included unsophisticated investors and intellectually disabled consumers whom he deliberately targeted.
These vulnerable clients placed their trust in Mr Dick and relied heavily on him to manage their finances. His conduct involved a gross breach of this trust and resulted in significant losses for his clients over more than ten years. His sentencing should send a strong message that such conduct will lead to individuals involved being brought before the court to face criminal charges.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.