Financial planner faces 27 dishonest dealings charges
A former Port Pirie financial adviser has appeared in court on one charge of deception and 27 charges of dishonest dealings with documents, brought by the Australian Securities and Investments Commission (ASIC).
Trevor Wayne Carll, of Port Pirie, South Australia, was an authorised representative of three Australian financial services licensees at the time of the alleged offences.
ASIC alleged that Carll deceived two clients of these licensees about how he intended to use documents bearing their signatures, and dishonestly arranged for the clients' assets to be held as security for his personal margin loan facility.
It is also alleged that on 27 occasions, Carll presented false documents intended to deceive Macquarie Bank Limited into releasing funds to him, some of which he paid to his clients.
If convicted, each offence would carry a maximum penalty of ten years imprisonment.
The alleged offences occurred between 21 June 2004 and 20 May 2010 while Carll was an authorised representative of Financial Wisdom Ltd, Financial Planning Services Australian Pty Ltd, and Genesys Wealth Advisers Ltd.
The matter would return to Port Pirie Magistrates Court on 25 October 2011.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
