Former financial adviser charged with offences totaling over $1.8m
Graeme Walter Miller, former director of Australian financial services licensee CFS Private Wealth and CFS Corporation, has been charged with dishonesty offences worth $1.865 million.
The Myocum, NSW, resident appeared through his lawyer in the Lismore Local Court charged with 12 counts of engaging in dishonest conduct in the course of carrying on a financial services business, contrary to section 141G of the Corporations Act 2001.
The Australian Securities and Investments Commission (ASIC) alleged between July 2013 and March 2017, Miller advised his financial planning clients to invest funds with CFS on the basis CFS would invest the money, which Miller did not do.
Instead, it was alleged he used those funds for his own benefit and to meet business expenses, including payments made to other clients as dividend payments.
The charges related to 12 investments made by seven different clients, including self-managed super funds totally $1.865 million.
The matter had been adjourned to 17 December 2019 for further mention in the Downing Centre Local Court in Sydney.
AUTHOR
Chris Dastoor
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