Australian regulator ASIC has announced that the former Adelaide financial adviser, James Gibbs, has pleaded guilty to theft of $4.88 million. He committed these offences while working as a financial planner and director of James Gibbs Investments Pty Ltd (JGI).
James Gibbs stole approximately $4.88 million of funds that he was managing for his clients. Gibbs forged the documents, he later used for stealing the money.
On February 1, he appeared in Court, pleading guilty to all offences.
The former financial adviser faces a penalty of 10 to 15 years imprisonment.