Former financial adviser pleads guilty
Former financial adviser, Trevor William Martin, who was an authorised representative of The Salisbury Group and AMP-owned Charter Financial Planning, has pleaded guilty to three counts of dishonestly obtaining client funds.
The investigation conducted by Australian Securities and Investments Commission (ASIC) between 2011 and 2015 found that he had obtained approximately $208,000 from clients by:
- Advising clients of investment opportunities
- Telling clients that he would invest monies on their behalf
- Inducing clients to transfer money to his business account
- Not investing the monies as represented
- Using the money for his own personal expenses and other purposes
ASIC informed that sentencing for the matter was listed for 16 August in the District Count of New South Wales.
At the same time, the court imposed several bail conditions on Martin, including the surrender of his passport.
The charge of dishonestly obtaining property by deception carried a maximum penalty of ten years imprisonment, ASIC said.
AUTHOR
Oksana Patron
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
