Sydney’s Manly Daily has reported that two men and a woman have been charged after being arrested in relation to the alleged detention and assault of a Beacon Hill-based financial adviser.
One of the accused was reportedly a client who had invested a sum of money with the adviser and invited him to his home in Ocean St, Narraweena, in order to investigate the “whereabouts” of the funds under advice.
Northern Beaches crime manager Craig Wonders told the local newspaper that the adviser was “detained for some time and was assaulted” and also that the accused “demanded money from the financial adviser” and threatened him with further violence.
The report suggests the adviser was able to negotiate his own release before contacting the police, who subsequently arrested the trio.
The man and woman have been charged with “aggravated kidnapping” among other charges, while the third man was charged with “detaining a person while in company with others”.
A NSW Police spokesperson told ifa the names of the victim and accused have not yet been released.
More to come.
Lighten up ‘Ashamed’! Jeepers! I don’t think any of the previous comments were really condoning the behaviour of the client. I sensed many of them (me included) are just fed up with the treatment and victimising we’re all receiving from our industry regulators who quite clearly have ulterior motives when they hand down their judgements and media releases.
I am totally ashamed at the replies I’ve read here. How is this AT ALL funny! Often we go to clients homes to give advice, and you think its humorous! This could happen to any one of you, and then lets see you laugh your way out of a situation. Taking matters into you own hands is NEVER a good outcome. Shame on most of you who have commented below ( Agree with you Mary).
client is probably still waiting on a redemption from his monthly income fund since the GFC. lol
what did he do wrong I wonder to make someone go to that sort of action
sad state really
I suspect the adviser was kidnapped and held hostage as the client completely lost it during the 4 hour meeting in which he had to read 15 different PDS, an SOA, an FSG, an FDS, a client authority, a client fact finder, a disclaimer, a disclosure, a limited advice warning, 15 different product research reports, and had to complete 5 different application forms and 5 different rollover request forms….lol
Is today the 1st of April?
Thanks Rob, had I known your were a psychic, I would have gone easier on you. It seems you know more about this story than the rest of us?
@Neil – based on the thug client behaviour and estimated wealth, you could suspect proceeds of crime. The advisor may have known the type of people he was dealing with, and ignored to make a buck and discovered some consequences.
Great ideal about buying a gun, we really need a news story about a scared adviser shooting someone in their home.
Wow – Anne and Rob, you disgust me. The person was assaulted and you say (Anne) – “Good on those clients” ??????
Rob, it doesn’t matter whether the adviser was “innocent or guilty” – the person was assaulted !!!!
I had thought about buying a gun. Have arranged this for next week.
Anne, you are certainly jumping to conclusions without any evidence there. Are you a fairfax journo by day any chance?
Good on those clients. ASIC doesn’t do anything, so people feel they have to take matters into their own hands. Perhaps it will make financial planners who don’t do the right things by their clients think twice before losing client money.
Yeah, I’m not sensing any hostility towards FOS or ASIC at all with these clever comments. This has certainly been the most I’ve laughed for a while though so well done my fellow colleagues, bravo!
He must have been a good salesman to get out of that situation. Would he get a breech from ASIC for escaping so easily? Can the investor lodge a FOS claim now or has the is been settled.
Ho Ho Ho! I have not laughed so much in ages. Didn’t the shmuck clients realise they only had to make a dodgy claim to FOS, and claim the “advice” was wrong and they “suffered” a “loss”. Then the gangsters at FOS would have held a kangaroo court found the adviser “guilty” of giving poor advice. Most Adviser know they don’t have a chance or any right of appeal. And then claimed all his personal assets (which is the FOS modus operandi). The adviser would have gone under but who cares about hard working advisers. Ho! Ho! Ho!
Would that count as a review? A lot of things would of been discussed.
He must of got an Authority to Proceed signed before escaping.
Let’s hope the FPA releases a new online course for kidnapped advisers soon (at a hefty cost to us of course).
Hope he file noted this client contact.
probably didnt meet BID requirements…..
@ Rob “Was the advisor innocent, or otherwise?”
I think that’s what the kidnappers are trying to find out.
Quite an expensive area, I wonder two things:
1. How did they get their money in the first place?
2. Was the advisor innocent, or otherwise?
just so you all know it was not me that was kidnapped .
JWP