# Another Townsville Financial Adviser Fiddles



## Garpal Gumnut (3 September 2010)

One wonders if this type of carry on is not occurring in other provincial cities under the nose of ASIC.

This guy was preying on the old and lowly off to siphon their small amounts into a lotto addiction. Between $6m and $12m worth. He used scissors to cut and paste transactions over a 16 year period.

Storm Financial and now Trust Company.

Similar scams, different names, different ends of the economic ladder.

Where will it all end?

Pity the poor bastards who see Financial Advisers.



> A TRUSTED financial advisor has been jailed for 10 years after gambling $6.3 million in stolen funds to support his Lotto addiction.
> 
> Gary Michael Wilkins, 66, carried out a financial juggling act for 16 years before his embezzling was detected.
> 
> ...




http://www.townsvillebulletin.com.au/article/2010/09/03/167581_news.html

gg


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## Judd (4 September 2010)

Garpal Gumnut said:


> One wonders if this type of carry on is not occurring in other provincial cities under the nose of ASIC.
> 
> This guy was preying on the old and lowly off to siphon their small amounts into a lotto addiction. Between $6m and $12m worth. He used scissors to cut and paste transactions over a 16 year period.
> 
> ...




The Company reported the matter to the ASX in November 2008, so the information is not all that new.  And I understand that the Trust Company made full restitution to the clients affected by the actions of the person (as opposed to the actual company) who committed the fraud.

And it is not just Townsville.  These things happen everywhere where individuals abandon their ethics - presuming they have them in the first place.


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