The cancellation of Platinum Perpetual Global Private Wealth’s licence follows a separate action brought by Western Australian Police Force (WAPF), which has charged a 38-year-old male adviser of Platinum Perpetual Global Private Wealth, from Yanchep in Perth, with eight counts of stealing contrary to s378 of the WA Criminal Code 1913 (WA), ASIC said in a statement.
The WAPF has alleged that the adviser in question misappropriated approximately $948,236.96 of clients’ funds without authority to do so.
WAPF said the Yanchep man made numerous unlawful withdrawals from his clients’ accounts during July 2019, before allegedly transferring the stolen funds into several personal online gambling accounts.
The adviser is due to appear in the Joondalup Magistrates Court on 9 September 2019.
Mark Sebo – this will soon be an infamous name..
Why haven’t they named the person?
What’s that you say? The fully qualified, accredited and FPA members education and course ticking did ABSOLUTELY NOTHING to stop his disgraceful behaviour! Shock horror. This was & is just another example that eduction and course/membership flogging will do nothing to help combat bad eggs.
The FPA should be fined severely for every member who is a bad egg that has paid for and completed their courses which failed to fix an unfixable issue/problem.
So how does it come to this stage?…out of the blue? Signs of undisciplined practice are obvious any time, long before the inevitable disaster. . Where are the ASIC field audits. ? How do people get their million back? PI wont work. Nothing will work. Blood from stone. Not only should commissions be banned but any handling of funds by advisers. You advise. The client deals. Or you have limited authority to repatriate investments to the client’s nominated account. We made it safe that way in the best original advice firms way back in the 80’s. .
anon – it’s band not “Ban”
fool deserves what he gets….i suppose he’ll cry gambling addiction and get a suspended sentence….pffttt
This individual ceased being listed on the Financial Adviser Register in September 2018. The theft occurred in July 2019. So the theft was perpetuated by an unlicensed individual (i.e. not a Financial Adviser). But how did this individual still have transact authority on client accounts? Is it because he owned the AFSL and didn’t remove his own access? How did ASIC not pick up that a directly licensed AFSL had an unlicensed individual still operating as a Financial Adviser. Does ASIC do audits?
We should all ban together and support this poor sole. Let’s stay united at times like this and show our support for this adviser and his firm. After all we’re all in it together. Poor bugger I feel so sorry for this financial planner. I wonder if we can ban together somehow to get him back on his feet so that he can keep steeling.. sorry…. I mean misappropriating client funds? I’d hate to doing anything else like being personally accountable for the choice in business partners, licensee, industry association, or question your peers or call out others inappropriate behaviour as hey that might result in professionalism, lower the cost of advice and result in less Government regulation. But hey let’s all be united on this issue can we please.
I wonder whether it would have been OK to misappropriate those funds if he had “authority to do so”? Another thing: no adviser should have a gambling habit – no matter how small or acceptable…which then leads to the other question: Why do financial services companies hold conventions and briefings at casinos?? I won’t attend any of them on principle. Do any others share my thoughts?