Following an ASIC investigation, Mr Andrew Peter Cosgrove, a former director of Vangrove Financial Planning Pty Ltd (Vangrove), has pleaded guilty to dishonestly using his position as a director of the company with the intention of gaining an advantage for someone else.

Vangrove, a financial planning company based in Queensland, was an Authorised Representative of Genesys Wealth Advisers Limited (Genesys). Vangrove was placed into administration on 10 May 2012. The Administrator retained Mr Cosgrove as a consultant of Vangrove during the administration process and authorised him to provide advice to its existing clients.

ASIC's investigation found that between 26 June 2012 and 12 July 2012, Mr Cosgrove generated and issued invoices to three Vangrove clients for payment of fees for financial advice provided to them. The invoices instructed the clients to make payments to the Cosgrove Investment Trust rather than to Genesys, as authorised by the Administrator.

Mr Cosgrove appeared in the Brisbane Magistrates Court on 13 May 2016 and pleaded guilty  to three charges of breaching his directors duties. Mr Cosgrove was discharged without conviction upon entering into recognisance in the sum of $3,000 on condition that he would be of good behaviour for three years.

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