A former financial adviser, who reportedly scammed more than 350 investors out of $60 million, has been permanently banned by the corporate regulator.
In a statement, ASIC said Bradley Sherwin was the founder of Sherwin Financial Planners and former chairman of collapsed lender Wickham Securities.
Mr Sherwin was previously banned by ASIC in September 2013 for two years and seven months. ASIC said it sought submissions from Mr Sherwin as to why he should not be banned, but he chose not to make any.
On 25 June 2015, Mr Sherwin was charged with 33 counts of dishonestly causing detriment totalling nearly $10 million between May 2009 and December 2012.
He was also charged with one count of dishonestly breaching his duties as a director of Wickham Securities between November 2009 and October 2010.
ifa reported in March that a class action lawsuit was being brought against the Bank of Queensland and Brisbane funds management firm DDH Graham for their alleged roles in the Mr Sherwin's scam.
More than 350 investors lost over $60 million after supposedly being swindled by financial adviser and principal of Sherwin Financial Planners, Bradley Sherwin, according to litigation firm Quinn Emanuel Urquhart and Sullivan.
The class action claims Mr Sherwin used BOQ Money Market Deposit Accounts, administered by DDH Graham, to perform a series of "round-robin transactions".
ASIC has also urged clients who fell victim to Mr Sherwin to seek compensation.
"ASIC has commenced an investigation into the operation of the Money Market Accounts held by Sherwin Group clients, which relates to whether BOQ or DDH Graham may have processed transactions when they should not have," ASIC said at the time.
Mr Sherwin is due to appear in the Brisbane Magistrates Court on 20 June 2016 for a committal hearing date.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 14 Nov 2018ASIC bans financial services representativeBy Eliot Hastie
- 14 Nov 2018Fintech should make advice ‘enjoyable’By Adrian Flores
- 14 Nov 2018Hayne commission driving adviser tech shiftBy Adrian Flores
- 12 Nov 2018InvestSMART launches maxed feesBy Sarah Simpkins
- 13 Nov 2018Advice demand soaring despite reputation hitBy Adrian Flores
- 12 Nov 2018Former premier, advisers sound alarm on sex discriminationBy James Mitchell
- view all