PIS adviser permanently banned
An authorised representative and Australian financial services licence holder of Professional Investment Services (PIS) has been permanently banned from providing financial services.
Satvir Singh Birk from the Gold Coast, who was a director of Carter Group (now in external administration), which was a corporate authorised representative of PIS, was banned for dishonest conduct.
ASIC found that between September 2010 and October 2011, he was dishonest in that he:
- Caused cheques to be drawn on a client’s superannuation account without authorisation;
- Deceived some clients about the use of funds withdrawn from their super funds; and
- Deceived another client about the price at which units in an unlisted registered managed investment scheme had been sold for and the use of the proceeds of the sale, and used some of the proceeds for the benefit of Birk’s father.
ASIC found also misled clients in relation to the value and other details of units they had purchased in an unlisted registered managed investment scheme.
ASIC deputy chair, Peter Kell, said: “ASIC will ensure anyone who acts dishonestly and places their own interests ahead of those they advise will be removed from the financial services industry”.
Birk appeared in the Southport Magistrates Court charged with five counts of fraud involving around $800,000. He was released on various bail conditions.
The matter is adjourned until 7 August 2017 and will be prosecuted by the Commonwealth Director of Public Prosecutions.
Birk has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
