Soul Patts chair unwittingly caught up in scam to sell off shares

Soul Patts chair Rob Millner has confirmed he was targeted by scammers attempting to steal his identity and sell his investments, leading ASIC to elevate its warning to the financial sector.

Soul Tapps chair Rob Millner and managing director Todd Barlow. Picture: Hollie Adams

Soul Patts chair Rob Millner has unwittingly become another high-profile name targeted by financial fraudsters after the funds management veteran became a victim of a scheme to steal his identity and sell his investments.

Mr Millner’s experience has been highlighted by the Australian Securities and Investments Commission which urged the financial sector and consumers to be alert.

ASIC said it had identified a growing number of “sophisticated criminals” combining stolen shareholder information with compromised personal information to create fake trading accounts in the names of victims, stealing their shares and pocketing the money.

ASIC commissioner Simone Constant said the regulator was aware of a “significant increase in reporting” around the share trading identity breaches, and that the increase in the criminal activity was the subject of “ongoing investigations from law enforcement”.

Ms Constant said it was clear that the criminal theft was being done by groups that had both an onshore and offshore presence.

She said Australians must be alert to mail going missing or investment accounts being accessed.

“We’ve seen a number of people receiving debit cards for new bank accounts they didn’t ask for,” Ms Constant said.

“The key message is there needs to be awareness of this type of crime.”

Ms Constant said ASIC was working with brokers and shareholder registries to improve responses to the crime, and said several roundtables were planned in coming weeks.

But she believed there would be consequences for banks and brokers if there were “control failings that fall short”.

“Regulators will take required action in that regard,” she said.

Ms Constant said she could not comment on Mr Millner’s alleged identity theft and fraud, but said the matter was subject to an ongoing investigation by police.

Mr Millner, who has been chair of the investment group formerly known as Washington H. Soul Patterson since 1998, said he was “shocked” to have been a victim of identity theft “even after years in the investment industry”.

“My ID was used to trade significant parcels of shares, and fortunately a share trading clearing house alerted me of unusual activity,” he said.

“At the same time, I received a bank debit card that I had not requested.

“Like any investor, irrespective of the amount, it’s important to be aware of the risks.

“Be vigilant and regularly check your accounts and security.”

Originally published as Soul Patts chair unwittingly caught up in scam to sell off shares