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
While the number of advisers switching tends to tick up at the end of the year, Padua Wealth Data reveals which business model sees the most adviser loyalty.
Private credit, auditor misconduct and super trustees have been listed among ASIC’s priorities as the regulator unveils its top focus points for the coming year.
Melbourne-based investment manager Woodbridge Capital has appointed an origination director for south-east Queensland, strengthening its foothold in the region as part of its national expansion strategy.
Barings has appointed a new head of Asia Pacific to succeed Duncan Robertson, who will retire after almost two decades with the firm.
