A Melbourne adviser who placed close to $700,000 of client money in a failed investment scheme is charged with inappropriate advice.
Former Shelbourne Financial Services adviser Kevin Whitting appeared in the Dromana Magistrates Court charged with 10 offences following an investigation by the Australian Securities and Investments Commission (ASIC), and is facing five further charges relating to providing misleading statements to some of the investors.
ASIC alleges Whitting provided inappropriate advice to five investors who collectively invested over $684,000 in the Blue Diamond Deposits Trust No. 1, which in 2010 met with a net deficiency of $22 million.
ASIC's investigation commenced after the collapse of the trust, and subsequently banned Whitting from providing financial services for four years.
The adviser was not required to enter a plea and will appear in court again in June, 2013.
