Former AMP financial adviser Laurence Tobin has been sentenced to 30 months’ jail with a non-parole period of 12 months over 23 charges laid by ASIC under the NSW Crimes Act.

Mr Tobin was found to have obtained a total of $314,000 from investors under false pretences and with intent to defraud. He was a financial adviser with AMP for 26 years until being declared bankrupt in November 1996. The money was given to Mr Tobin for investment in a mortgage reserve fund scheme, but he used the money for his personal benefit.

Many of Mr Tobin’s clients were not aware that he was no longer associated with AMP and continued to allow him to manage their financial affairs and to seek his advice.

Speaking on the outcome, ASIC Chairman David Knott said ASIC will continue to work closely with the Financial Planning Association and other industry bodies to protect investors. “In addition to completed and ongoing prosecutions of financial advisers and dealers, ASIC has this year removed a further 30 people from the industry, either permanently or for specific periods.”