Investigations by the Australian Securities and Investments Commission have led to the successful prosecution of financial advisers in Victoria and Queensland.

Piet Walters was sentenced to eight years in the Cairns District Court, while Matthew Leech received a five-year sentence in the Melbourne County Court.

Mr Walters was found guilty on 14 fraud charges relating to the misappropriation of almost $1 million of client funds while he was a director of Drury Management in Cairns. He will be eligible for parole in just under two years, taking into account time already served and his guilty plea.

Mr Leech was found guilty of misappropriating $1.3 million from 15 clients for a period of seven years while working as a representative of two regional financial planners in Kyneton, Victoria. He used the funds, which included superannuation and workers' compensation payments, to fund gambling and share trading.

Mr Leech was sentenced to four years and 11 months jail, with a non-parole period of three years and eight months.