He pleaded guilty to 11 counts of dishonestly applying to his own use property belonging to another, contrary to sections 408C(1)(a), 408C(2)(c) and 408C(2)(d) of the Criminal Code Act 1899 (Queensland).

According to allegations by ASIC, between March 2006 and December 2017, Mr Dick accessed and transferred around $1.1 million from his clients’ superannuation, pension and personal savings accounts.

Her Honour Judge Julie Maree Dick of the Townsville District Court noted that a head sentence of nine years’ imprisonment would have been appropriate, but for the self-reporting and co-operation of the defendant.

In sentencing the former adviser, Judge Dick described his conduct as having had a significant impact on his victims and diminishing public trust in the financial services industry.

Following sentencing, ASIC Deputy Chair Daniel Crennan QC stated that the former adviser had “breached the trust of his clients, who included unsophisticated investors and intellectually disabled consumers whom he deliberately targeted”.

“These vulnerable clients placed their trust in Mr Dick and relied heavily on him to manage their finances,” Mr Crennan said.

“His conduct involved a gross breach of this trust and resulted in significant losses for his clients over more than 10 years. His sentencing should send a strong message that such conduct will lead to individuals involved being brought before the court to face criminal charges.”

The matter was prosecuted by the Commonwealth Director of Public Prosecutions after a referral of a brief of evidence from ASIC.