04-023 Former Adelaide stockbroker jailed
Friday 30 January 2004
Ms Jan Redfern, Executive Director of Enforcement at the Australian Securities and Investments Commission (ASIC), today noted the sentencing of Mr Hamish Boyd McLachlan, a former employee of stockbroking firm, Thompson Brindal Ltd, to nine years jail with a non-parole period of five years.
‘The jailing of Mr McLachlan sends a strong message that neither ASIC nor the community generally, will tolerate securities dealers who act dishonestly and break the law for their personal gain’, Ms Redfern said.
Mr McLachlan, from Adelaide, has been in custody since 5 September 2003 when he was found guilty in the Adelaide District Court on 55 charges, which were laid following an investigation by ASIC and the South Australia Police Major Fraud Section.
Mr McLachlan was convicted on 43 counts of causing exchange-traded options to be transferred from his personal account to the accounts of 30 RetireInvest clients. This diverted losses of $482,245.78 from his account to that of the RetireInvest clients.
Mr McLachlan was also convicted on 12 counts of causing transfers of a similar nature from three accounts of clients of Thompson Brindal Ltd, to accounts of RetireInvest clients. This diverted losses of $84,280.97.
The offences occurred between 10 April 1996 and 25 March 1997.
‘ASIC will continue to act to protect the interests of investors by bringing dishonest securities dealers before the Courts’, Ms Redfern said.
The charges were prosecuted by the Commonwealth Director of Public Prosecutions.
ASIC Website: Printed 07/05/2009
