Adam Sanders Bank Victims 14 March 2012
Ian John Weaver a banned Gold Coast financial adviser accused of more than 15 criminal charges including providing advice without a reasonable basis and making false and misleading statements,
appeared at Southport Magistrates Court on 13 March 2012 charged with 12 counts of failing to have a reasonable basis for the advice he gave and 7 counts of making a false or misleading statement.
It is alleged that as an authorised representative of Enhance Capital Pty Ltd and The Salisbury Group Pty Ltd between January 2003 and June 2010, Mr Weaver provided financial advice to a number of his clients without having a reasonable basis for the advice given. It is also alleged that he made a number of false or misleading statements which induced his clients to invest according to the advice he gave.
Mr Weaver was not required to enter a plea and has been released on conditional bail.
The matter was adjourned for further mention on 15 May 2012.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Each of the criminal charges of failing to have a reasonable basis for advice under section 945A of the Corporations Act 2001 (the Corporations Act) carries a maximum penalty of $22,000 or imprisonment for 5 years or both.
Each of the criminal charges of making a false or misleading statement under section 1041E of the Corporations Act carries a penalty of $495,000 or more or imprisonment for 10 years or both.
In May 2011, following an ASIC investigation, Mr Weaver was banned from providing financial services for a period of 5 years. (refer: 11-90AD).