Banned planner charged over $10m fraud
The chairman of collapse debenture issuer, Wickham Securities Limited, Bradley Thomas Sherwin, will face Brisbane Magistrates Court next month on 34 charges relating to fraud.
The Australian Securities and Investments Commission (ASIC) reported that Sherwin, who was also the principal of Sherwin Financial Planners Pty Ltd which went into liquidation in February 2013, was charged with 33 counts of dishonesty causing detriment totalling nearly $10 million between May 2009 and December 2012.
"The charges relate to the use of self-managed funds of former clients of Sherwin Financial Planners," AISC reported.
"Sherwin was also charged with one count of dishonestly breaching his duties as a director Wickham Securities Limited between November 2009 and October 2010."
ASIC banned Sherwin from providing financial services for two years and seven months in September 2013, due to bankruptcy.
The regulator reported that Wickham Securities was placed in administration in December 2012, before entering liquidation in February 2013, owing more than $27 million to approximately 300 debenture holders.
While the chief executive of the collapsed debenture issuer, Garth Peter Robertson, was charged with 10 counts of fraudulently obtaining more than $760,000 from the company between December 2010 and November 2012, and a further count of fraudulently obtaining $15,000 from Balmain NB Corporation Limited in November 2010, earlier this year.
AUTHOR
Nicholas O'Donoghue
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
