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Posted: Nov 6 2017, 02:42 PM
Group: Featured Blogers
Member No.: 17
Joined: 17-January 12
Rep: 142 pts
Lew Fellowes walks over $1.6m accounts swindle
Monday, 6 November 2017 11:23AM
A former Perth stockbroker has been handed a suspended sentence after pleading guilty over $1.6 million in swindles involving margin lending accounts.
Lew Fellowes was given three years jail in the Brisbane District Court but was ordered to be released immediately on entering a $30,000, five-year good behaviour bond.
Fellowes, a former broker with Patersons Securities and Tolhurst, pleaded guilty to one charge of dishonestly using his position and two charges of dishonestly using his position with the intention of directly gaining an advantage for himself.
The Australian Securities and Investments Commission, which charged Fellowes over his dodgy dealings from mid-2008 to mid-2010, said the total value of his offences was $1.595 million.
The offences took place while he worked for Tolhurst in Gladstone and he worked with Patersons in Perth until late in 2013.
ASIC told the court he used his position dishonestly by secretly transferring a total of $170,000 from a client's Leveraged Equities account to his wife's margin lending account in 2008. He also transferred $425,000 to his own Leveraged Equities account in 2009.
He also transferred $1 million from a joint client account to his personal bank account and then onto his margin lending account, ASIC said.
Defence barrister Saul Holt QC said Fellowes always intended to pay the money back and was genuinely remorseful for his actions.
Mr Holt said since being permanently banned by ASIC in 2015 from providing financial services, the “extremely high-flying” stock broker was left doing commission-only sales and Uber driving to make a living.
The court heard Fellowes had previously been a man of good character, served as the director and board member of the Australian Stockbroker Association for many years and even acted as a media commentator.
Judge Tony Moynihan QC said Fellowes' actions were a “gross breach of trust”.
“This type of crime is difficult to detect and expensive to investigate and prosecute,” Judge Moynihan said.
Judge Moynihan said the clients would have suffered concern and anxiety from the irregular transactions on their accounts, which Fellowes also lied to them about.
Without knowing all the facts, it is difficult to comment other than to say a suspended sentence seems very light.
"Great minds discuss ideas; average minds discuss events; small minds discuss people." - Eleanor Roosevelt
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Posted: Nov 6 2017, 04:38 PM
Member No.: 3
Joined: 21-July 11
Rep: 65 pts
It certainly does Charles.
Everybody is Willing:
Some are willing to work, the rest are willing to let them!
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Posted: Nov 6 2017, 05:06 PM
Group: Active Member
Member No.: 48
Joined: 15-February 12
Rep: 17 pts
A slap on the wrist with a limpid lettuce leaf.
Life is neither a race to the end, nor a slow ramble whose sole aim is longevity
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Posted: Nov 6 2017, 06:28 PM
Member No.: 1
Joined: 20-July 11
Rep: 47 pts
If he had of been a paedophile he would have been found not guilty,
Living In An Elected Dictatorship
Flin's opinions and comments reflect his perception of the facts and not necessarily reality