• subs-bellGet the latest news! Subscribe to the ifa bulletin

Adviser charged with 'inappropriate advice'

A former authorised representative of the now-defunct Kedesco Pty Ltd has appeared before the Dromana Magistrates Court in Victoria and charged with 10 offences, following an ASIC investigation.

According to a statement from the Australian Securities and Investments Commission, Kevin Maxwell George Whitting provided “inappropriate advice to five investors” when he was employed by Shelbourne Financial Services on the Mornington Peninsula.

The advice was given to five investors who collectively invested $684,000 in the Blue Diamond Deposits Trust No. 1 (BDT) between September 2008 and January 2009, a managed investment scheme which collapsed in 2010.

Whitting is to appear again in the Dromana Magistrates Court on 13 June 2013.