In a statement today, ASIC announced the permanent banning of Gold Coast-based adviser Satvir Singh Birk for dishonest conduct.
Mr Birk was an authorised representative of Professional Investment Services Pty Ltd (PIS) – a wholly owned subsidiary of Centrepoint Alliance. Mr Birk was also a director of Carter Group Pty Ltd (now in external administration), which was a corporate authorised representative of PIS.
ASIC found that between September 2010 and October 2011, Mr Birk caused cheques to be drawn on a client’s superannuation account without authorisation and deceived some clients as to the use of funds withdrawn from their superannuation funds.
ASIC said Mr Birk also deceived another client as to the price at which units in an unlisted registered managed investment scheme had been sold and as to the use of the proceeds of the sale, and used a portion of the proceeds for the benefit of Mr Birk’s father.
Mr Birk also misled clients in relation to the value and other details of units they had purchased in an unlisted registered managed investment scheme, ASIC said.
Mr Birk has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
On 4 July 2016, Mr Birk appeared in the Southport Magistrates Court charged with five counts of fraud involving approximately $800,000. The matter has been adjourned until 7 August 2017, ASIC said.
Don’t know why you guys are arguing between yourselves, each taking the moral high ground. The whole industry gets sullied when this crap happens. And the public who need our help distrust us a little bit more with each case.
There is nothing any AFSL can do to stop a fraud like this. Something like this will happen one day to every AFSL. Its no reflection on the AFSL involved, and criticism shows ignorance of the practical limitations of even the most stringent compliance program.
only fraudulent advisers are attracted to vertical integrated business, mmm not !! How long is PIS going to stain our industry (feel sorry for those great businesses in PIS that will live in the shadow of times past)
This matter is an example of the way that ASIC double counts outcomes – it will appear in ASIC’s statistics as a permanent banning order and a criminal prosecution – in reality, it is one matter that will create the appearance that ASIC has achieved 2 separate regulatory outcomes.
He was probably wearing AMP underpants
Oh the hypocrisy!!! Small independent firms are just as susceptible to dodgy, self-interested, unethical advisers as any other dealer group!
What’s this… a non-institutionally aligned adviser permanently banned and having committed fraud? Oh how the peanut gallery is likely to choke…
I think he had a Masters in Financial Planning as well…(just trying to be funny)