Essayer OR - Gratuit
Former IAM staffer steals $1.5m
Financial Standard
|October 07, 2025
A former Income Asset Management (IAM) employee has funnelled $1.5 million from the company using a bank account used by a “minority sub-custodian”.
-
IAM said it suspected fraudulent transfers made from a bank account maintained by its previous sub-custodian relating to its bond administration and custody.
The funds fraudulently transferred to the account of a former employee “are not client funds, and the company is not aware of any client funds or assets being lost or removed from safe custody,” IAM said.
The fraudulent transfers came to light during an account reconciliation review undertaken by staff and forensic accountants FTI Consulting, which were hired to review certain internal bank account ledgers.
This examined nearly 22,000 transactions conducted between June 2021 and August 2025.
Cette histoire est tirée de l'édition October 07, 2025 de Financial Standard.
Abonnez-vous à Magzter GOLD pour accéder à des milliers d'histoires premium sélectionnées et à plus de 9 000 magazines et journaux.
Déjà abonné ? Se connecter
PLUS D'HISTOIRES DE Financial Standard
Financial Standard
Opportunities abound
The past 12 months have been nothing if not eventful; just about every corner of the wealth management sector has been under the pump in one way or another, a period of dynamic change.
2 mins
December 01, 2025
Financial Standard
Sequoia chair boasts of 'good governance', despite ASIC action
Sequoia Financial Group's chair has told shareholders that “good governance remains central” to how it operates and confirmed it is in talks with Netwealth and Macquarie over their decision to bar InterPrac advisers.
1 mins
December 01, 2025
Financial Standard
Aware, Barings spin off BTR
Aware Super and Barings are turning their build-to-rent (BTR) portfolio into a standalone brand named WeAreLiving, aiming to grow the platform to $2 billion in the next five years.
1 min
December 01, 2025
Financial Standard
Interprac sued over failures
ASIC is taking Interprac Financial Planning to court over its failure to ensure representatives acted in clients' best interests. It's also been accused of lacking adequate risk management systems.
2 mins
December 01, 2025
Financial Standard
Advisers want to boost client book by 36%: CFS
While financial advisers have marginally increased the number of clients on their books to 112 on average, they aspire to serve 36% more, a new Colonial First State (CFS) finds.
1 mins
December 01, 2025
Financial Standard
Australia's AI game is on
Over recent weeks, artificial intelligence (AI) companies have attracted attention for less favourable reasons.
1 mins
December 01, 2025
Financial Standard
Five reasons the regulator is looking at the managed accounts sector
The managed account industry has grown from niche to mainstream in just a few years. What began as an efficient way to scale portfolio management has evolved into a multi-billion-dollar ecosystem spanning platforms, asset managers, and advisers. But with that success comes scrutiny, and it's no surprise that the regulator is now circling. Here are five reasons why.
2 mins
December 01, 2025
Financial Standard
Insurer acquires stake in Barings
MS&AD Insurance Group Holdings, via subsidiary Mitsui Sumitomo Insurance Co., will acquire 18% of Barings from MassMutual. MassMutual will continue to own 82%.
1 min
December 01, 2025
Financial Standard
First Sentier combines affiliates
A decade on from separating the two, First Sentier Group is merging Stewart Investors and FSSA Investment Managers back together.
1 min
December 01, 2025
Financial Standard
Talent crunch lifts base salaries for advisers
The shortage of financial advisers is seeing firms increasingly raise base salaries by as much as $50,000, according to a report by Kaizen Recruitment.
2 mins
December 01, 2025
Listen
Translate
Change font size