Former financial adviser, Trevor William Martin, who was an authorised representative of The Salisbury Group and AMP-owned Charter Financial Planning, has pleaded guilty to three counts of dishonestly obtaining client funds.
The investigation conducted by Australian Securities and Investments Commission (ASIC) between 2011 and 2015 found that he had obtained approximately $208,000 from clients by:
- Advising clients of investment opportunities
- Telling clients that he would invest monies on their behalf
- Inducing clients to transfer money to his business account
- Not investing the monies as represented
- Using the money for his own personal expenses and other purposes
ASIC informed that sentencing for the matter was listed for 16 August in the District Count of New South Wales.
At the same time, the court imposed several bail conditions on Martin, including the surrender of his passport.
The charge of dishonestly obtaining property by deception carried a maximum penalty of ten years imprisonment, ASIC said.