A former Storm Financial adviser has had a charge against him dropped after an elderly witness deemed critical to the prosecution's case died, the Australian Securities and Investments Commission (ASIC) reports.
Walter John (Wally) Fullerton-Smith was due to stand trial this month on the charge of making a false or misleading statement to obtain a financial advantage.
However, the department of public prosecutions withdrew the charge "reassessment of evidence" which followed the death of an elderly witness.
The charge related to the claim that Fullerton-Smith misled an elderly NSW couple in 2007 for the financial gain of him and his wife, Kim Michele Fullerton-Smith.
Fullerton-Smith, who was an adviser with Storm between May 2006 and June 2009, was banned for life from working in the financial services industry for misleading and deceptive conduct.
