Platinum Perpetual Global Private Wealth AFSL cancelled after police charges

Following charges brought by the Western Australian police force (WAPF) on allegations against an adviser from Platinum Perpetual Global Private Wealth, the Australian Securities and Investments Commission (ASIC) has cancelled their Australian financial services licence (AFSL).

The AFSL was cancelled at the request of the Perth-based company, after an unnamed 38-year-old male adviser from Yanchep had been charged with eight counts of stealing contrary to s378 of the WA Criminal Code 1913 (WA).

It was alleged by the WAPF that the adviser had misappropriated approximately $948,236.96 of clients’ funds without authority, making numerous unlawful withdrawals from their accounts in July 2019.

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He is then alleged to have used those stolen funds into several personal online gambling accounts.

He would be due to appear in the Joondalup Magistrates Court on 9 September.

ASIC encouraged anyone that had concerns over Platinum Perpetual Global Private Wealth or its advisers to contact them.

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