A former South Australian financial adviser has appeared in court on 52 charges of engaging in dishonest conduct that allegedly led to the misappropriation of more than $3.1 million in client funds.
Robert Owen Bean, who appeared in the Adelaide Magistrates Court last week, has been accused of misappropriating the money from eight of his clients' investment or superannuation accounts between 30 June 2003 and 30 June 2010, ASIC said in a statement.
According to ASIC, some of the money was used to support Bean's lifestyle, while the majority of it was used to pay "other unrelated" clients to maintain expected investment returns or pension payments from investments that Bean had advised his clients on.
ASIC permanently banned Bean from providing financial services on 17 May 2011.
If convicted, the offences each carry a maximum penalty of five years imprisonment or a fine of $22,000 or both.
The Commonwealth Director of Public Prosecutions is prosecuting the matter which returns to court on 14 December 2012.
