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Wednesday 4 September 2019

19-240MR ASIC cancels AFS licence of Perth-based Platinum Perpetual Global Private Wealth

ASIC has cancelled the Australian financial services licence of Platinum Perpetual Global Private Wealth Pty Ltd, based in Perth (AFSL 508415).

The AFSL was cancelled at the request of the company.

The cancellation follows a separate action brought by Western Australian Police Force (WAPF), which has charged a 38 year-old male advisor 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).

It is alleged by WAPF that the advisor misappropriated approximately $948,236.96 of clients’ funds without authority to do so.

WAPF say the Yanchep man made numerous unlawful withdrawals from his clients’ accounts during July 2019.

He then allegedly transferred the stolen funds into several personal online gambling accounts.

The advisor is due to appear in the Joondalup Magistrates Court on 9 September 2019.

Anyone who wishes to report a concern about the activities of Platinum Perpetual Global Private Wealth Pty Ltd or its advisors can lodge a report of misconduct online at www.asic.gov.au.

ASIC’s MoneySmart website has useful information for consumers about choosing a financial adviser, how to complain about a financial adviser and what to do if their adviser is banned.

Last updated: 04/09/2019 12:00