Bradley Grimm, a former Melbourne financial planner, has been charged with 13 dishonesty offences while running a financial services business. Mr Grimm appeared via counsel in the Melbourne Magistrates Court today.
ASIC alleges that between 18 February 2015 and 11 March 2015, Mr Grimm engaged in dishonest conduct on six occasions when he transferred funds between his clients’ self-managed superannuation funds (SMSFs) to three separate companies of which Mr Grimm was the sole director:
• Thrive Lending Pty Ltd
• Trade BTC Pty Ltd; and
• Beta Pharmacology Pty Ltd;
and to a superannuation fund of which Mr Grimm’s financial services business was the administrator.
ASIC also alleges that on a further seven occasions between 19 October 2015 and 11 November 2015, Mr Grimm dishonestly transferred shares owned by his clients’ SMSFs to Equity Capital Partners Hedge Fund Pty Ltd, a company of which he was sole director.
The charges follow ASIC’s successful action in the Federal Court for the winding up of Ostrava Equities Pty Ltd, Ostrava Asset Management Pty Ltd, Ostrava Securities Pty Ltd, Ostrava Wealth Management Pty Ltd, Beta Pharmacology Pty Ltd, Prometheus Capital Pty Ltd, Thrive Lending Pty Ltd, Trade BTC Pty Ltd and Equity Capital Partners Hedge Fund Pty Ltd
The matter was adjourned for committal mention on 31 January 2019 at the Melbourne Magistrates Court.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Mr Grimm and his company Ostrava Equities Pty Ltd were, until 21 October 2015, authorised representatives of Australian Financial Services licensee Marigold Falconer International Limited (previously known as Falconer & Company Limited), whose AFSL was cancelled in August 2016.
He must be feeling a bit Grim!!!. probably an accountant type as well . I went to a new accountant to do my tax return yesterday and he said why aren’t you in a SMSF . You will be better off as the admin fee is only $3000 . I said are you licenced to recommend SMSF to me . He said what do you mean ?? Clearly no idea that he can’t recommend a set up . But keep rolling them out , no police , no rules !!!!
Why do you not say “non bank aligned financial adviser” as you are quick to say bank aligned adviser when they are? How much money have clients lost from 2015 which is just getting to court in 2019? At least with the banks they would have been compensated by now if it was found 3 years ago an adviser did not act in the best interests of the client.
Not necessarily. As we heard recently AMP (or it may have been NAB- same same) admitted it could take them 17 years to re-reimburse many of their customers for their dodgy fee for no service practices since 2008. So don’t tell us the banks pay up early!
Birds of a feather…
Lock the moron up!!