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Professional Misconduct

Christopher Martyn Matson


Address: Launceston, Tasmania, Australia
Sex: Male
Occupation: Financial adviser
Date: 4 July 2000


Details



Christopher Martyn Matson was sentenced on 4 July 2000 to 12 months imprisonment by the Launceston Court of Petty Sessions on Australian Securities and Investments Commission (ASIC) charges.

Mr Matson, a former Launceston financial adviser, will be released after six months and must be of good behaviour for two years following his release.

Mr Matson pleaded guilty to the ASIC charges of fraudulently inducing a national fund manager to deal in securities involving nearly $60,000 of clients’ money.

The court was told Mr Matson contacted a fund manager on a number of occasions and falsely stated that his clients wanted to redeem amounts of money from funds that had been invested on their behalf.

The fund manager forwarded money to Mr Matson in the belief that it was intended for his clients, but Mr Matson used approximately $40,000 of that money for other purposes.

Mr Matson’s sentencing follows an earlier successful ASIC application to the Supreme Court of Tasmania for injunctions freezing his personal assets.

ASIC also successfully applied to the Supreme Court for orders that Mr Matson be made to pay compensation, including interest, to two of his former clients whose funds were misapplied as a result of his fraudulent conduct.

Mr Matson agreed to the orders and also agreed to pay ASIC’s legal costs in relation to those proceedings.

ASIC permanently banned Mr Matson from the investment industry in February after he was found to have not performed his duties as an adviser efficiently, honestly and fairly on a number of occasions.

Acting ASIC Tasmanian Regional Commissioner Mr Simon Dwyer said ASIC had acted quickly to protect the public in this matter.

“ASIC removed Mr Matson from the investment industry, prosecuted him for his dishonesty, preserved and protected his client’s funds and obtained compensation orders for money to be paid to his clients,” Mr Dwyer said.

“ASIC’s action against Mr Matson sends a clear message to other investment advisers that fraud and dishonesty will not be tolerated in the investment
industry.”

In passing sentence Chief Magistrate Mr Shott said that this was a “significant serious breach of trust owed by the defendant as a financial adviser.” 

Mr Shott said that Mr Matson had “… suffered emotionally but his victims had not been spared.”