Former AMP financial adviser Lawrence Tobin will be sentenced later this week after pleading guilty to 23 charges laid by ASIC involving a fraudulent transaction.

ASIC said Mr Tobin gained $314,000 from investors under false pretences, with the intent to defraud.  He was employed by AMP between September 1970 and 1996 but was declared bankrupt in November 1996. Despite his position, Mr Tobin failed to inform his clients that he was no longer with AMP, and continued to handle their financial affairs.