CBA aware of forgery allegations as adviser continued to work Significant issues: New documents reveal issues of suspected irregularities pertaining to Mr Gillespie's dealing with cilents. The Commonwealth Bank was aware of forgery allegations and the overcharging of clients by a senior financial planner at least nine months before he resigned and four years before he was banned from the industry by the corporate regulator. The planner, Ricky David Gillespie, left the bank on June 12, 2009, citing personal reasons. He later worked as a financial adviser for two firms until the Australian Securities and Investments Commission banned him last November. Mr Gillespie denies any wrongdoing and is appealing the order. His case will be heard on July 15. How it all went down. Mr Gillespie is one of seven CBA planners banned from the industry for misconduct. Others include Don Nguyen who was banned for seven years in March 2011, more than two years after whistleblowers informed ASIC about his misconduct. Fairfax Media has been contacted by alleged victims of other financial institutions, mainly retirees. It has raised concerns about the inherent conflict of interest of banks owning financial planning divisions. New documents reveal that a CBA compliance report on Mr Gillespie dated October 16, 2008, advised of "issues of suspected irregularities" in the signatures of four of his clients. Within a month another 10 signatures had been identified as possibly fraudulent. In one case, the forged signature was used to obtain a one-off commission of $3200 and create a continuing fee of 0.83 per cent of the value of an investment portfolio. Mr Gillespie's files signalled other "significant issues," including altering dates on client documents and overcharging clients. One document, dated November 20, 2008, says: "Whilst, RG [Ricky Gillespie] has been provided with an opportunity to explain the alleged forged signatures, he has chosen to deny the forgery accusations in writing." It goes on to say: "Since it is quite plausible that at least a number of the signatures have been forged, it appears that RG has demonstrated that he has a somewhat cavalier attitude to the general obligations under s912A Corporations Act, to ensure financial services are provided efficiently, honestly and fairly. RG appears to fail on all three tests. The bank considered two options: consulting handwriting experts or approaching some of Mr Gillespie's clients who were believed to be victims. But a letter stated an independent expert report avoided the need to approach clients which might damage the bank's image. Fairfax Media believes the bank opted to conduct only an internal investigation. Mr Gillespie continued to work at CBA for nine more months as a senior planner in Brisbane. A CBA spokeswoman declined to comment on whether it had reported Mr Gillespie's misconduct to the police or why it took so long to take action. She confirmed that investigations had begun in 2008 after complaints from clients. She said Mr Gillespie was reported to ASIC in June 2009 and again in August 2010 "with updated information which resulted in his banning." She said Mr Gillespie's clients were offered reviews. Where those reviews found investments had diminished as a result of inappropriate advice or Gillespie's improper conduct, clients were remediated for those losses. Questions were put to ASIC, including when it was first notified of Mr Gillespie's alleged misconduct, why it took so long to act and whether it notified the police. The regulator declined to comment. Neither of the firms Mr Gillespie worked for in Brisbane was aware he had left CBA under a cloud or that he was the subject of an investigation. Mr Gillespie told Fairfax Media he became aware of ASIC's investigation in early to mid-2012. Do you know more? aferguson@fairfaxmedia.com.au