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
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.