A former financial adviser and accountant has been charged with multiple counts of fraud involving $800,000, following an ASIC investigation.
In a statement, the corporate regulator said Satvir Singh Birk of the Gold Coast has appeared in the Southport Magistrates Court charged with five counts of fraud.
ASIC alleges that between September 2010 and October 2011, as an authorised representative of Professional Investment Services (PIS), Mr Birk “dishonestly caused detriment to numerous clients”.
Mr Birk was a partner of Sa & Birk Accountants and the Carter Group. His roles at the firms ceased in April 2014 along with his authorised rep status, which was revoked by PIS.
The charges against Mr Birk carry a maximum penalty of 12 years' imprisonment, ASIC said. The matter was adjourned until 1 August 2016.
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
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