James Gibbs, a former financial advisor from Adelaide, has pled guilty to 28 offences that he committed when he was a financial planner and director of James Gibbs Investments Pty Ltd in a case that evolved from a report sent to the Australian Securities and Investments Commission.

The alleged misconduct occurred while Mr Gibbs and JGI were authorised representatives of Madison Financial Group Ltd. ASIC became aware of the allegations as a result of a breach report by Madison.

ASIC alleged that, between 20 August 2009 and 30 July 2016, Gibbs stole approximately A$4.88 million (US$3.45 million) of funds that he was managing for his clients. A number of clients had self-managed superannuation funds, which Gibbs was able to access through their bank accounts.

ASIC also alleged that, between 25 June 2012 and 30 July 2016, Gibbs created and used false documents, including banking documents and member statements.

Gibbs appeared in the Adelaide Magistrates Court on 1 February 2019 and pled guilty to all offences. He was placed on bail and was remanded to appear in the committal court on 27 February 2019. He faces a maximum penalty of 10 years imprisonment for each offence that he committed prior to May 2012, or 15 years' imprisonment for each offence committed after that time.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.