Corporate regulator ASIC alleges ‘dishonest conduct’ by financial planner Sam Henderson
A former high-profile financial planner has appeared in court charged with allegedly engaging in dishonest conduct.
A former high-profile financial planner who lost his career following an appearance in the Hayne financial services royal commission has appeared in court charged with allegedly engaging in dishonest conduct and falsely presenting himself as holding a Masters of Commerce degree.
Corporate regulator ASIC alleges Sam Henderson breached the Corporations Act in 2014 and 2016 by giving at least two clients a financial services guide that suggested he had a Masters of Commerce (financial planning) when he did not.
The regulator also alleges that Mr Henderson had, over several years, engaged in dishonest conduct when in a series of PowerPoint presentations, on his website and in brochures, he allegedly stated he held a Master of Commerce degree.
Mr Henderson did not enter a plea when he appeared in Downing Local Court in Sydney on Tuesday.
The charges follow an ASIC investigation into Henderson Maxwell, the former financial advisory firm he fronted, and Mr Henderson himself after he appeared before the Hayne commission in 2018.
Mr Henderson faces a maximum of 10 years imprisonment for each dishonest conduct offence, while each breach of the Corporations Act could see him face a maximum penalty of five years.
ASIC deputy chairman Daniel Crennan QC said ASIC was committed to improving standards across the financial services industry.
“These charges demonstrate that ASIC will investigate allegations of breaches of the law by financial advisers when dealing with their clients, including allegations of giving inaccurate and dishonest information,” Mr Crennan said on Wednesday.
The former high-profile financial commentator and planner, who appeared on Sky Business, in The Australian Financial Review, the Sydney Morning Herald and Channel 9’s The Today Show, came under intense questioning at the royal commission over the conduct of his staff and the advice he provided.
The royal commission heard allegations he had staff impersonate clients to the superannuation funds and had offered financial advice to Fair Work Commissioner Donna McKenna that would have led to her losing substantial funds.
Ms McKenna made a complaint to ASIC about Mr Henderson but ASIC took no action against Mr Henderson at that time, the Royal Comission found.
Mr Henderson will appear again August 4.
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