PIS adviser permanently banned
An authorised representative and Australian financial services licence holder of Professional Investment Services (PIS) has been permanently banned from providing financial services.
Satvir Singh Birk from the Gold Coast, who was a director of Carter Group (now in external administration), which was a corporate authorised representative of PIS, was banned for dishonest conduct.
ASIC found that between September 2010 and October 2011, he was dishonest in that he:
- Caused cheques to be drawn on a client’s superannuation account without authorisation;
- Deceived some clients about the use of funds withdrawn from their super funds; and
- Deceived another client about the price at which units in an unlisted registered managed investment scheme had been sold for and the use of the proceeds of the sale, and used some of the proceeds for the benefit of Birk’s father.
ASIC found also misled clients in relation to the value and other details of units they had purchased in an unlisted registered managed investment scheme.
ASIC deputy chair, Peter Kell, said: “ASIC will ensure anyone who acts dishonestly and places their own interests ahead of those they advise will be removed from the financial services industry”.
Birk appeared in the Southport Magistrates Court charged with five counts of fraud involving around $800,000. He was released on various bail conditions.
The matter is adjourned until 7 August 2017 and will be prosecuted by the Commonwealth Director of Public Prosecutions.
Birk has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Malavika Santhebennur
Recommended for you
As larger Australian Financial Services licensees continue to expand their reach in an increasingly expensive industry to operate, how do smaller firms ensure they stay relevant and efficient?
HUB24 has added almost 600 advisers in the 2025 financial year as the platform capitalises on opportunities presented in wealth management.
Wealth Architects has acquired a Cairns-based advice practice as it seeks to expand its national advice presence.
While the overall gender wage gap has decreased slightly, the Financy Women’s Index reveals the gap has widened for employees in the financial and insurance services sector.
