
The former director of an Australian financial services licensee has been charged with dishonesty offences totalling $1.87 million.
ASIC alleges that Graeme Walter Miller, former director of CFS Private Wealth and CFS Corporation, used funds entrusted to him by seven different clients for his own benefit and to meet business expenses, including as dividend payments to other clients, between July 2013 and March 2017.
The charges relate to 12 investments made by the seven clients, including self-managed superannuation funds, totalling $1.87 million.
In January, the Federal Court banned Mr Miller from providing financial services for 25 years and disqualified him from managing corporations for three years.
The matter has been adjourned to 17 December 2019 for further mention in the Downing Centre Local Court in Sydney.
MLC Life has appointed the former CFO of AMP Bank as its new deputy CFO as it sees a period of “significant change” for the industry ahead. ...
Mayfair 101 founder James Mawhinney has been restrained from a number of activities following a Federal Court ruling. ...
One of Australia’s largest licensees says it is facing a crisis as risk advisers exit the industry, with its annual life insurance new business drop...