Former Macquarie Bank Financial Adviser is Charged by Corporate Cop
Former Macquarie Bank adviser, Warren Acworth, is charged by ASIC with 27 offences, including misleading conduct and dishonesty. Accused of trading misconduct and providing misleading information to clients, Acworth could face imprisonment and substantial fines if convicted.
Warren Acworth, a former Macquarie Bank financial advisor, has been charged with 27 offences by Australia’s corporate cop.
Acworth’s services were alleged to be misleading and dishonest according to the Australian Securities and Investments Commission (ASIC) in February. The accusations against Acworth are during December 2015- 2018 for trading activities on behalf of a client in MINI warrants at the time he was an advisor of Macquarie Equities.
An additional 19 allegations of dishonesty and misleading information with client portfolios have been imposed by the ASIC.
At this time, Acworth faces:
- a maximum of 10 years of imprisonment and/or a fine of $810,000-945,000 for making false or misleading statements against Corporations Act sections 1041E(1) and s1311(1) for 16 counts
- maximum penalty of 2 years imprisonment and/or a fine of 21,000$ for each count of making a false statement against ASIC Act (Cth) section 64, he is accused of 6 counts
- maximum penalty of 14-20 years imprisonment for fraud against Criminal Code (Qld) section 408C(1)(e) for 5 counts
At the moment, Mr Acworth has been placed on bail under the condition he does not leave Australia without informing the Commonwealth Director of Public Prosecutions. A notice period of 21 days is required prior to his intended travel. His case will return to the Brisbane Magistrates Court on 29 January 2021.
If you or someone you know are a former client of Mr Acworth contact us to discuss your options
Originally published by Denis Doherty on Business News Australia.
