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Australia Financial Adviser Allegedly Stole $1M for Gambling Habit

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Posted on: June 12, 2023, 07:46h. 

Final up to date on: June 12, 2023, 12:45h.

A monetary adviser in Western Australia stole virtually AU$1 million (US$675,800) from shoppers to feed his playing behavior, in line with prosecutors. If you happen to ask him, although, he’s not responsible, and a court docket will now resolve who’s telling the reality.

Mark Sebo gestures as he prepares to enter court on embezzlement charges
Mark Sebo gestures as he prepares to enter court docket on embezzlement costs. The previous monetary adviser allegedly stole from shoppers so he might gamble on-line. (Picture: 9News)

Mark Sebo faces 36 costs of stealing cash from eight of his shoppers in simply 10 days in the summertime of 2019, in line with The West Australian. Police arrested him that very same 12 months, whereas his mom saved him from jail by posting his AU$$50,000 (US$33,790) bond.

The 41-year-old disgraced adviser is now returning to court docket for his trial. The prosecution is assured it has the proof it must show he wasted the shoppers’ cash by way of on-line playing websites.

Private Piggy Financial institution

Sebo was accountable for advising the shoppers on their superannuation funds, which wasn’t supposed to incorporate dipping into them like his personal piggy financial institution. That’s what he allegedly did, with prosecutors saying he moved their cash to his personal private and enterprise accounts.

These transactions triggered notifications to the shoppers, but it surely was too late. The cash was nowhere to be discovered, and Sebo instructed the victims that they must file a grievance with the Australian Securities and Investments Fee (ASIC).

When he made his first court docket look virtually 4 years in the past, Sebo abstained from responding to the fees. Now, as he makes his manner again into the courtroom for a jury trial, he has entered a not-guilty plea.

Regardless of apparently having no authorized background, he has determined to characterize himself within the case. He’s operating out of time to brush up on his protection, as his case begins on Tuesday.

If his story is to be believed, Sebo was something however a prolific gambler. The official story is that, regardless that his financial institution accounts have been allegedly frozen quickly after the complaints have been filed, virtually not one of the cash was recovered.

Sebo misplaced his license because of the fees. Nevertheless, a web site that lists licensed advisers in Australia, au-financial-advisers.com, lists his license as energetic. The positioning didn’t reply to a request for remark previous to publication.

Decade Behind Bars

Australian regulation, per Part 157 of the Crimes Act, permits for a sentence of as much as 10 years in jail for embezzlement, with the utmost penalty normally reserved for circumstances that seem in District Court docket. Sebo’s case is a kind of.

It’s unlikely that Sebo will obtain the utmost sentence if Annette Roberts is an instance. From 2018 to 2020, she ripped off clients of the journey company the place she labored, stealing AU$628,598 (US$424,806) in 522 transactions.

The homeowners of the journey company needed to promote two private properties and delay their retirement as a way to make restitution to the shoppers. When she appeared in court docket, Roberts obtained simply two years and eight months in jail.

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