In a public update, ASIC stated that former Henderson Maxwell adviser Sam Henderson has been convicted of charges relating to issuing defective disclosure documents and dishonest conduct and will enter into a recognisance bond to be of good behaviour for a period of two years. Additionally, he was fined $7,000 and $3,000, respectively, for a total fine of $10,000.
On 25 August 2020, Mr Henderson pleaded guilty to one rolled-up charge of dishonest conduct, an offence under section 1041G of the Corporations Act 2001 (Cth), and two counts of making a disclosure document available to a person knowing it to be defective, contrary to section 952D(2)(a)(ii) of the Corporations Act.
ASIC alleged, and the court declared, that between 1 July 2010 and November 2017, Mr Henderson engaged in dishonest conduct when he made false representations that he had a Master of Commerce, when he did not hold that qualification.
ASIC also alleged Mr Henderson breached the law in two instances in 2014 and 2016 by giving two clients a Financial Services Guide, containing the false representation that he held a Master of Commerce.
Additionally, ASIC alleged that Mr Henderson made the false representation that he held a Master of Commerce in some of his professional biographies and descriptions.
In handing down her sentence, Magistrate Atkinson noted the need for the court to send a message to the community at large that being a financial adviser is a specialist position. Marketing material and websites, including qualifications, need to be correct.
Her Honour applied a 25 per cent discount to the sentence due to Mr Henderson’s guilty plea.
The Commonwealth Director of Public Prosecutions prosecuted this matter after a referral of a prosecution brief from ASIC.
ASIC previously banned Mr Henderson from providing financial services for a period of three years. It was found that Mr Henderson failed to act in the best interests of his clients, provide appropriate advice and prioritise his clients’ interests when providing personal financial advice.
This included failing to adequately investigate and assess his clients’ existing deferred benefit superannuation products, which resulted in a financial losses for one of his clients, ASIC said in a statement.
