Financial adviser pleads guilty to theft of $4.88m
Former Adelaide financial adviser, James Gibbs, has pleaded guilty to theft of $4.88 million and faces imprisonment, ASIC said.
Mr Gibbs has pleaded guilty to 28 dishonesty offences committed when he was a financial planner and director of James Gibbs Investments Pty Ltd (JGI).
ASIC alleged that between 20 August 2009 and 30 July 2016, Gibbs stole approximately $4.88 million of funds that he was managing for his clients. A number of clients had self-managed superannuation funds, which Mr Gibbs was able to access via client bank accounts.
ASIC also alleged that between 25 June 2012 and 30 July 2016, Gibbs created and used false documents, including banking documents and member statements.
Mr Gibbs appeared in the Adelaide Magistrates Court on 1 February 2019 and pleaded guilty to all offences. He was placed on bail and was remanded to appear in the committal court on 27 February 2019.
He faces a maximum penalty of 10 years' imprisonment for each offence committed prior to May 2012, or 15 years' imprisonment for each offence committed after that time.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.