A former financial adviser has pleaded guilty in court to three counts of dishonestly obtaining client funds worth around $208,000, ASIC has revealed.
In a public statement, the regulator said that Trevor William Martin had pleaded guilty to the charges under the NSW Crimes Act in the District Court of NSW.
According to ASIC, Mr Martin had obtained around $208,000 from several clients between June 2011 and April 2015 while working as an authorised representative of The Salisbury Group and later Charter Financial Planning Limited, which is owned by AMP.
It said the funds were obtained advising clients on investment opportunities and inducing clients to transfer funds to his business bank account on the understanding that he would invest the money on their behalf.
However, ASIC alleged that Mr Martin did not do so, and instead used the money for his own purposes, including to meet personal expenses.
The financial regulator said that Mr Martin has been granted bail under strict conditions, including the surrender of his passport, and will return to court to face sentencing on 16 August 2019.
“The charge of dishonestly obtaining property by deception carries a maximum penalty of 10 years imprisonment,” it said.
In response to My Business's request for comment on the matter, a spokesperson for AMP said the company “takes the delivery of high-quality advice very seriously and terminated Mr Martin’s Charter authorisation in 2014 for failing to meet our professional standards”.
The spokesperson added: “Charter clients impacted by Mr Martin’s fraudulent conduct have also been fully compensated.”
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.
Insolvency accountant asks: Have you paid your tax yet?
By John Papadopoulos
Ask the Experts: Does automation stack up financially?
By Christopher Overton
Opinion: How bad do things have to get?!
By Adam Zuchetti