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19-105MR Former financial adviser pleads guilty to dishonestly obtaining client funds
Former financial adviser, Mr Trevor William Martin, has pleaded guilty in the District Court of NSW, to three counts of dishonestly obtaining client funds under the NSW Crimes Act.
An ASIC investigation found that between 1 June 2011 to April 2015, Mr Martin, formerly of Kiama, NSW, dishonestly obtained approximately $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.
Mr Martin was an authorised representative of The Salisbury Group and later, Charter Financial Planning Limited, which is owned by AMP.
Sentencing for the matter has been listed for 16 August 2019 in the District Court of NSW. The Court imposed several bail conditions on Mr Martin, including the surrender of his passport. The charge of dishonestly obtaining property by deception carries a maximum penalty of ten years imprisonment.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Sentencing submissions were heard on 16 August 2019. The matter is before the Court again on 4 October 2019 at which time Mr Martin will be sentenced.
Editor's note 2:
The sentence hearing on 4 October 2019 has been vacated and will be re-listed on 10 October 2019.
Editor's note 3:
On 10 October 2019, further submissions were made to the Court. The matter will return for sentence on 27 November 2019.
Editor's note 4:
On 27 November 2019, the matter was adjourned for sentence on 20 March 2020.