A former financial advisor has been sentenced to a year in jail over the advice he gave to clients, and for making false and misleading statements.

A former financial advisor on Australia’s Gold Coast region has been sentenced to 12 months’ jail time for advising people “without a reasonable basis” and for making false and misleading statements, the country’s financial regulator said yesterday.

Ian John Weaver, 70, was convicted and sentenced to 12 months in jail on each of the four criminal counts brought by the Australian Securities and Investments Commission, conditionally released upon entering a two-year good behaviour period, ASIC said in a statement. Weaver appeared in Southport District Court on 13 March.

“Mr Weaver’s high-risk strategy of recommending double gearing strategies to his clients, the majority who were approaching retirement age, was completely at odds with the provision of appropriate financial advice,” ASIC's deputy chairman, Peter Kell, said.

In May 2014 Weaver pleaded guilty to three counts of failing to have a reasonable basis for the advice he gave and one count of making a false or misleading statement. He was charged in March 2012. Weaver’s conduct occurred when he was an authorised representative of Enhance Capital Pty Ltd and The Salisbury Group Pty Ltd, between January 2003 and June 2010.