22/11/2021 - 14:55

Former AMP adviser charged over 'dishonest conduct'

22/11/2021 - 14:55

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Former AMP financial adviser David Fong and his financial planning company have been charged with engaging in dishonest conduct following an investigation by the corruption watchdog.

Former AMP adviser charged over 'dishonest conduct'
Mr Fong was granted conditional bail after appearing in Perth Magistrates Court last Friday.

Former AMP financial adviser David Fong and his financial planning company have been charged with engaging in dishonest conduct following an investigation by the corruption watchdog.

The Australian Securities and Investments Commission alleged Mr Fong acted dishonestly through Fong Financial Planners, while an authorised representative of AMP.

ASIC claims that, in 2014, Mr Fong completed and submitted false information in clients’ insurance applications, failed to adequately disclose fees to clients, acted without client instructions, and failed to disclose the effect of advice.

ASIC permanently banned Mr Fong from providing financial services in 2017, a move he appealed to the Administrative Appeals Tribunal.

That process is stayed pending the outcome of the criminal proceedings.

Mr Fong was granted conditional bail after appearing in Perth Magistrates Court last Friday and is expected to appear again on January 14 2022.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions. 

Mr Fong faces a fine of either $750,000 or three times the value of the benefits attributable to the offence, or 10 years' imprisonment.

The maximum penalty for a company engaging in dishonest conduct is a fine of either $7,650,000 or 10 per cent of its turnover in the 12-month period before the offence was committed.

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