Charge dropped for Storm Financial adviser


A former Storm Financial adviser has had a charge against him dropped after an elderly witness deemed critical to the prosecution's case died, the Australian Securities and Investments Commission (ASIC) reports.
Walter John (Wally) Fullerton-Smith was due to stand trial this month on the charge of making a false or misleading statement to obtain a financial advantage.
However, the department of public prosecutions withdrew the charge "reassessment of evidence" which followed the death of an elderly witness.
The charge related to the claim that Fullerton-Smith misled an elderly NSW couple in 2007 for the financial gain of him and his wife, Kim Michele Fullerton-Smith.
Fullerton-Smith, who was an adviser with Storm between May 2006 and June 2009, was banned for life from working in the financial services industry for misleading and deceptive conduct.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.