Bank discovers investment advice fraud
ASB has discovered an elaborate fraud by one of its investment advisers involving several million dollars.
Monday, August 31st 2009, 10:30PM
ASB says in a statement that the offending involved 22 customers, and each one of these people has been identified.
The bank has already made restitution to customers where irregularities have been confirmed, and we will continue to work with them to ensure that no customer is adversely affected, it says in a statement.
The employee, who worked for the bank for more than 10 years, has been dismissed, and is now under investigation by the Serious Fraud Office.
The fraud was elaborate and involved the investment adviser making fictitious investments on behalf of customers.
The dismissed employee acted alone in committing the fraud, ASB says.
It says that because the Serious Fraud Office is yet to complete its investigations, the bank will be making no further comment until its inquiries are completed.
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