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18-107MR Former financial adviser charged with dishonesty and false document offences
Following an ASIC investigation, former financial adviser Mr Trevor William Martin, has today been charged with twenty-one counts of dishonestly obtaining client funds and five counts of using false documents to obtain a financial advantage under the NSW Crimes Act.
ASIC alleges that on twenty-one occasions between 1 June 2011 to April 2015 Mr Martin, formerly of Kiama, NSW, dishonestly and by deception obtained about $208,000 from clients, by:
- advising clients of investment opportunities;
- telling clients that he would invest monies on their behalf;
- inducing clients to transfer money to his business account;
- not investing the monies as represented; and
- using the money for his own personal expenses and other purposes.
ASIC also alleges that on five occasions between May 2013 and April 2015, Mr Martin used false documents purporting to show investments he had made on behalf of clients when in fact no investments had been made. It is alleged he used these documents to conceal his use of client investment funds.
At the time of the alleged offences, Mr Martin was an authorised representative of The Salisbury Group and later Charter Financial Planning Limited, an AMP affiliate.
The matter has been listed in the Downing Centre Local Court in Sydney for mention on 12 June 2018.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
The charges of dishonestly obtaining property by deception contrary to section 192E of the NSW Crimes Act 1900 each carry a maximum penalty of ten years imprisonment.
The charges of using false documents to obtain a financial advantage contrary to section 254 of the NSW Crimes Act 1900 each carry a maximum penalty of ten years imprisonment.
This action is part of ASIC's Wealth Management Project. The Wealth Management Project was established in October 2014 to lift the standards of major financial advice providers. The Wealth Management Project focuses on the conduct of the largest financial advice firms (NAB, Westpac, CBA, ANZ, Macquarie and AMP).
As part of its Wealth Management Project, ASIC has banned 45 advisers and one director from the financial services industry. (Four bannings are subject to appeal, with a further banning stayed pending the outcome of an appeal).
On 12 June 2018, the matter was adjourned to 10 July 2018 for committal.
Editor's note 2:
On 10 July 2018, Mr Martin waived his right to a committal hearing. The matter is now listed in the District Court for first appearance on 20 July 2018.
Editor's note 3:
On 20 July 2018, the matter was listed for a two-week trial, commencing on 29 April 2019.
Editor's note 4:
On 18 August 2018, ASIC permanently banned Mr Martin from providing
financial services. Mr Martin may apply to the Administrative Appeals Tribunal for review of ASIC's decision.