ASIC alleges that Graeme Walter Miller, former director of CFS Private Wealth and CFS Corporation, used funds entrusted to him by seven different clients for his own benefit and to meet business expenses, including as dividend payments to other clients, between July 2013 and March 2017.
The charges relate to 12 investments made by the seven clients, including self-managed superannuation funds, totalling $1.87 million.
In January, the Federal Court banned Mr Miller from providing financial services for 25 years and disqualified him from managing corporations for three years.
The matter has been adjourned to 17 December 2019 for further mention in the Downing Centre Local Court in Sydney.
[quote=Mr g]If only he had done the ethics course to learn that stealing from clients is wrong.[/quote][quote=Mr g]If only he had done the ethics course to learn that stealing from clients is wrong.[/quote]
Haha yeah, either that or he should have been the head of the Health Services Union, like Michael Williamson, who got away with a $25mill defrauding of members and got away with doing only 5 years and managed to keep all the loot without repaying a dime. Got out in March this year and is currently living in his Sydney waterside mansion quite comfortably.
[quote=Myk]$1.87m and a 25 year ban….so what is to happen to the institutional Boards/Executives who are now shelling out BILLIONS of $$’s as remediation for ”stealing” from their clients???[/quote][quote=Myk]$1.87m and a 25 year ban….so what is to happen to the institutional Boards/Executives who are now shelling out BILLIONS of $$’s as remediation for ”stealing” from their clients???[/quote] The CBA execs et al got sympathy bonuses because they had to go through the stress of standing up at the RC. They got applauded when they arrived back at the office like heroes….or heroines in CBA case. Advisers RISE UP AGAINST this financial tyranny by bank execs (and their numerous subsidiaries), its only your bank balance and lifeline reputation that is being destroyed!
confusng article. It seems he stole 1.8m? what was his penalty besides being banned? author?
The sad thing is an industry is being destroyed and not one of the changes will stop criminals like this guy doing it again!
I reckon if I can get this guy to sit an Ethics course I can rehabilitate him….. ohh wait, that doesn’t work.
Why Don’t we call this behaviour exactly what it is – Fraud – simple as that. Its not bad ‘advice’ its Fraud.
I don’t understand how these people believe they can get away with this type of thing in 2019 with the digital trail etc.
And then, this guy becomes a Financial Coach. Nothing changes… walk on, smile and wave boys…
$1.87m and a 25 year ban….so what is to happen to the institutional Boards/Executives who are now shelling out BILLIONS of $$’s as remediation for ”stealing” from their clients???
If only he had done the ethics course to learn that stealing from clients is wrong.
Comment of the century!! LOLZ
I don’t understand how they think it’s going to end – what do they think will happen?! that no one will ever be the wiser?!!! are they really that stupid??