A former Sydney-based financial adviser has been charged with fraud for allegedly taking $600,000 from his clients’ accounts following an investigation by the Australian Securities and Investments Commission (ASIC).
Alan Brown, a former authorised representative of Bridges Financial Services, was charged with one count of obtaining money by deception, two counts of using a false instrument, and 12 counts of dishonest conduct in relation to financial services.
ASIC alleged that Brown fraudulently withdrew funds totalling $600,000 from the accounts of five clients without their knowledge or authority. He also allegedly forged a client’s signature on a falsified withdrawal request to obtain funds from the client’s account for his own purposes.
Bridges Financial Services brought Brown’s misconduct to ASIC’s attention and assisted the regulator with its investigation into the allegations.
The regulator said Brown was granted conditional bail and the matter will return to the Downing Centre Local Court in March.
