A former Macquarie Bank financial adviser faces an A$1m fine after being slapped with 27 offences, including dishonesty, following an investigation from the Australian Securities and Investments Commission (ASIC).
Warren Acworth has been charged with dishonesty offences in Brisbane. He's facing 16 counts of making false or misleading statements, which could carry 10 years' imprisonment or a maximum fine of A$945,000.
He's also facing six counts of making a statement that was false, which could see him fined $21,000 or face two year in prison for each offence. Additionally, Acworth has been charged with five counts of fraud which has a maximum penalty of 20 years in prison.
It follows ASIC's permanent ban of the Queensland adviser in February from providing financial services.
ASIC alleged the services Acworth provided were misleading and dishonest and is accusing him of misleading his clients about their portfolio's value on 19 separate occasions.
Acworth worked as an adviser for Macquarie between December 2015 and May 2018.
He has been placed on bail with condition that he does not leave Australia without informing the Commonwealth Director of Public Prosecutions 21 days prior to intended travel.