The charges, brought by the Australian Securities and Investments Commission (ASIC), also saw Mr Bean misappropriate more than $3.1 million of client funds whilst a director of BCFR Financial Services Group and authorised representative of Charter Financial Planning.
ASIC found that between 30 June 2003 and 30 June 2010, Mr Bean transferred money from eight of his clients’ investment or superannuation accounts into a bank account he had opened in the clients’ names without their knowledge.
The majority of defrauded funds were paid to unrelated clients to maintain expected investment returns or pension payments from investments that Mr Bean had recommended. A portion of the money was also used for Mr Bean’s personal benefit.
The offences each carry a maximum penalty of five years imprisonment, a $22,000 fine, or both.
Mr Bean has been remanded for arraignment in the District Court at Adelaide on 14 January 2013 for sentence.
Mr Bean’s conduct was brought to ASIC’s attention by BCFR and Charter, who have cooperated fully with ASIC’s investigation.
Charter has fully compensated all clients who had incurred losses as a result of Mr Bean’s offending.
ASIC permanently banned Mr Bean from providing financial services in May 2011, following an investigation.
