ASIC cancels Perth-based licensee

The corporate regulator has cancelled the Australian Financial Services Licence of a licensee based in Perth at the request of the company.

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>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.

Adrian Flores

Adrian Flores

Adrian Flores is a features editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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