Former PIS AR faces ASIC charges
A former Professional Investments Services (PIS) authorised representative has faced charges in Queensland's Southport Magistrate's Court involving allegations of fraud amounting to around $800,000.
The Australian Securities and Investments Commission (ASIC) said that following an ASIC investigation, 40-year-old "former financial adviser and accountant", Satvir Singh Birk, had appeared on five counts of fraud.
The regulator said it was being alleged that between September 2010 and October 2011, Birk, whilst an authorised representative of PIS (Bundall), dishonestly caused a detriment to numerous clients.
It said Birk had been released on various conditions, including that he reside at his current address and notify the Commonwealth Director of Public Prosecutions (CDPP) of any change of residence.
The matter was adjourned until 1 August 2016.
The ASIC announcement said Birk's authorised representative role with PIS had been revoked in April, 2014.
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