Australia Financial Adviser Allegedly Stole $1M for Gambling Habit
A financial advisor inwards Western Australia stole almost AU$1 one thousand thousand (US$675,800) from clients to provender his gaming habit, according to prosecutors. If you expect him, though, he’s non guilty, and a court of law testament at present resolve who’s notification the truth.
Mark Sebo faces 36 charges of stealing money from octet of his clients inward simply 10 years inwards the summertime of 2019, according to The western United States Australian. Police arrested him that same year, piece his overprotect saved him from slammer by posting his AU$$50,000 (US$33,790) bond.
The 41-year-old disgraced adviser is at present reverting to homage for his trial. The criminal prosecution is sure-footed it has the grounds it needs to prove he wasted the clients’ money through and through online gaming sites.
Personal Piggy Bank
Sebo was inwards level of advising the clients on their superannuation funds, which wasn’t supposed to include dipping into them like his own piggy bank. That’s what he allegedly did, with prosecutors expression he moved their money to his have personal and stage business accounts.
Those transactions triggered notifications to the clients, but it was too late. The money was nowhere to live found, and Sebo told the victims that they would have to file cabinet a complaint with the Australian Securities and Investments Commission (ASIC).
When he made his first lawcourt appearance almost quatern years ago, Sebo abstained from responding to the charges. Now, as he makes his right smart rearwards into the courtroom for a panel trial, he has entered a not-guilty plea.
Despite ostensibly having no more sound background, he has decided to represent himself in the case. He’s running come out of clip to brushwood up on his defense, as his case begins on Tuesday.
If his story is to be believed, Sebo was anything but a fertile gambler. The functionary story is that, even out though his cant accounts were allegedly frozen soon after the complaints were filed, almost none of the money was recovered.
Sebo missed his certify as a outcome of the charges. However, a website that lists licensed advisers inward Australia, au-financial-advisers.com, lists his certify as active. The situation didn’t respond to a asking for point out prior to publication.
Decade Behind Bars
Australian law, per Section 157 of the Crimes Act, allows for a doom of up to 10 years inward prison house for embezzlement, with the upper limit penalty usually reserved for cases that come along inwards District Court. Sebo’s example is I of those.
It’s unlikely that Sebo will invite the upper limit doom if Annette Kenneth Roberts is an example. From 2018 to 2020, she ripped away customers of the go agency where she worked, stealing AU$628,598 (US$424,806) in 522 transactions.
The owners of the move office had to sell two personal properties and wait their retreat inward parliamentary law to urinate regaining to the clients. When she appeared inwards court, Richard J. Roberts received just now 2 years and VIII months inward prison.
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