Financial adviser disqualified for defrauding clients

A FINANCIAL adviser who defrauded her clients of more than $3.6 million has been permanently banned from providing financial services.

ASIC this week obtained court orders that also disqualified Melinda Scott, of Lilli Pilli, from managing corporations for 25 years.

Further the Supreme Court of New South Wales made orders permanently restraining Roach Graham Scott Pty Ltd, a company of which Ms Scott was sole director, from carrying on a financial services business or providing a financial service.

Between February 2004 and April 2012 both Ms Scott and RGS repeatedly and persistently engaged in dishonest conduct when providing financial services, the court found.

In particular, the court found Ms Scott and RGS obtained $3,632,759.46 from 56 separate clients, which Ms Scott generally used for her own personal benefit knowing that this was not in accordance with the clients' instructions.

Ms Scott and RGS also falsely told some clients their money had been invested in accordance with their instructions and was making returns, the court found.

ASIC's investigation into Ms Scott's conduct is continuing.

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