In another round of what is likely to be adverse publicity for financial planners, an ex-Sydney financial adviser has been arrested for allegedly defrauding multiple clients of $3.3 million.
Money Management understands the adviser had been subject to reports last year that he had gambled $8.4 million of stolen money which the adviser admitted to on television.
According to reports by the Sydney Morning Herald, NSW Police said the adviser who worked in Sydney CBD defrauded clients between May 2017 and May 2020 for $3.92 million.
The report said police began investigating the adviser in March 2020 after an 86-year-old woman was allegedly defrauded and police had since received information about other alleged victims.
The man was charged with 18 counts of dishonestly obtaining financial advantage by deception and one count of knowingly dealing with proceeds of crime and intending to conceal the proceeds of the crime.
The man was due to face Hornsby Local Court today.