In a statement, ASIC said Bradley Sherwin was the founder of Sherwin Financial Planners and former chairman of collapsed lender Wickham Securities.
Mr Sherwin was previously banned by ASIC in September 2013 for two years and seven months. ASIC said it sought submissions from Mr Sherwin as to why he should not be banned, but he chose not to make any.
On 25 June 2015, Mr Sherwin was charged with 33 counts of dishonestly causing detriment totalling nearly $10 million between May 2009 and December 2012.
He was also charged with one count of dishonestly breaching his duties as a director of Wickham Securities between November 2009 and October 2010.
ifa reported in March that a class action lawsuit was being brought against the Bank of Queensland and Brisbane funds management firm DDH Graham for their alleged roles in the Mr Sherwin’s scam.
More than 350 investors lost over $60 million after supposedly being swindled by financial adviser and principal of Sherwin Financial Planners, Bradley Sherwin, according to litigation firm Quinn Emanuel Urquhart and Sullivan.
The class action claims Mr Sherwin used BOQ Money Market Deposit Accounts, administered by DDH Graham, to perform a series of “round-robin transactions”.
ASIC has also urged clients who fell victim to Mr Sherwin to seek compensation.
“ASIC has commenced an investigation into the operation of the Money Market Accounts held by Sherwin Group clients, which relates to whether BOQ or DDH Graham may have processed transactions when they should not have,” ASIC said at the time.
Mr Sherwin is due to appear in the Brisbane Magistrates Court on 20 June 2016 for a committal hearing date.
Another “Arthur Daley type” gone from the Industry.
Adrian Totolos.
Retiree.
Could you get your staff reporter to find out and report on what has happened to the $60 million dollars scammed by Mr Sherwin. I mean if I had scammed away $60 million dollars that seemingly no one has to or needs to account for, and there is no action to sell my house and assets, would I care if I was banned for life from working?? Surely as information source you could provide a more thorough report of this scourge of the industry?
And to be initially banned for 2 years + 7 months. So did ASIC initially think he was a person of integrity and after serving a bit of time away from the industry would be unlikely to prey on unsuspecting investors again??
The wonder of ASIC regulation at work!! These events occurred over a period from four to seven years ago. How much of the $60 million will victims get back? Zip, Nada! in fact they will probably lose more in legal fees trying to get a PI insurance payout. All this compliance paperwork does not stop criminals, I mean they are crooks!!! The paperwork and good compliance is only does by honest advisers and the cost borne by their clients. We need to rethink this whole process, it is simply not working.