Court charges former adviser $1.87m

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.