ASIC has permanently banned a former Charter Financial Planning financial adviser after an investigation found he had defrauded more than $3 million from his clients over seven years.
The corporate regulator said its investigation found that Robert Owen Bean, of St Peters, South Australia, acted dishonestly and in breach of financial services law by "misappropriating more than $3.1 million" from eight of his clients' investment and superannuation accounts.
The majority of defrauded funds were paid to unrelated clients and other third parties, while a portion of the money was used for Bean's personal benefit, ASIC said.
"Mr Bean's conduct was brought to ASIC's attention by Charter Financial Planning Ltd, which has cooperated fully with ASIC's investigation and has compensated all clients affected by this conduct," it said.
"ASIC banned Mr Bean in order to protect the public, deter similar conduct and maintain consumer confidence in the financial services sector."
ASIC's investigation focused on the conduct of Bean while he was a securities representative and an authorised representative of Charter Financial Planning between 30 June 2003 and 30 June 2010.
Bean has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
