LAWFUEL – The Legal Newswire – Mr Trevor Christian Lam, of Hunters Hill in New South Wales, yesterday pleaded guilty in the Downing Centre Local Court to a charge of dishonestly using his position as an employee of Macquarie Bank Limited (Macquarie) with the intention of gaining an advantage for another person. The charge follows an investigation by the Australian Securities and Investments Commission (ASIC).
ASIC alleged that between September 2005 and January 2006, Mr Lam, a Macquarie private client adviser, engaged in dishonest conduct by arranging for the unauthorised transfer of Australian Securities Exchange traded call option contracts (with unrealised losses in excess of $210,000) from his girlfriend’s account at Macquarie to another client’s superannuation fund account.
Mr Lam ceased employment with Macquarie in March 2006. Macquarie, which referred the matter to ASIC, compensated the client for losses and cooperated fully with ASIC’s investigation.
In December 2006, ASIC banned Mr Lam from providing financial services for a period of five years.
The matter was adjourned to 14 September 2007 in the District Court in Sydneym for sentencing.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.