Professional Misconduct

Mervyn William Mitchell

Address: Tasmania, Australia
Sex: Male
Occupation: Financial adviser
Date: 26 May 2004


Ms Jan Redfern, Executive Director of Enforcement at the Australian Securities and Investments Commission (ASIC), noted the sentencing of Mr Mervyn William Mitchell on 26 May 2004, to 7 years’ imprisonment after he pleaded guilty to 110 counts of fraud.

Mr Mitchell, a former Hobart-based financial adviser, will serve a non-parole period of four years.

ASIC alleged that between July 1995 and May 2003, Mr Mitchell dishonestly obtained $4,571,813 from the superannuation and investment funds of 59 clients, which he used for his own purposes. 

Mr Mitchell gambled in excess of $1 million and also spent money running his financial advice business and buying real estate and cars. 

The majority of clients defrauded by Mr Mitchell’s actions were retirees or people with redundancy payments. 

Mr Mitchell was an authorised representative of the Hobart-based securities dealer Godfrey Pembroke Limited and all the clients who lost money as a result of Mr Mitchell’s actions have now been compensated by Godfrey Pembroke.

The charges related to breaches of the Superannuation Industry (Supervision) Act, the Corporations Act and the Tasmanian Criminal Code, following a joint investigation by ASIC and the Tasmanian Police.

This matter was prosecuted by the Commonwealth Director of Public Prosecutions.