Sherwin, who also served as chair of Wickham Securities, has pleaded guilty to 24 counts of dishonesty causing a detriment and one count of dishonestly breaching his duties as a director of Wickham Securities.
The charges were brought against Sherwin following the collapse of Wickham Securities in December 2012 and the subsequent collapse of Sherwin Financial Planners, and a number of other businesses of which Sherwin was a director, in January 2013.
At the time of the collapses, Wickham Securities owed more than $27 million to around 300 debenture holders, and Sherwin Financial Planning owed more than $30 million to its clients.
ASIC permanently banned Sherwin in May 2016, and Wickham Securities chief executive Garth Robertson was sentenced to five years imprisonment in September that same year, after pleading guilty to a number of charges brought against him by ASIC.
Sherwin did not apply for bail and was remanded in custody. He will be sentenced on 14 November 2017.
Good. This type of arrogance and ego has proven to go unchecked in the self licencee space.
what,,,in simple terms an accountant setting up businesses to loan money to clients…. then reselling them…99% of self licensed advisers are obtaining licenses to move away from institutions. We are not getting licenses to sell finance to our accounting clients.