Former financial planner Trevor Wayne Carll has appeared in a South Australian court charged with deception and dishonest dealings after his conduct resulted in clients losing control of their retirement funds and suffering a loss of more than $50,000.
ASIC alleged the offences occurred between June 2004 and May 2010 when Carll was an authorised representative of dealer groups Financial Wisdom, Financial Planning Services Australia and Genesys Wealth Advisers.
It is alleged Carll deceived two clients of these licensees about how he intended to use documents signed by them and dishonestly arranged for the clients' assets to be held as security for his personal margin loan facility.
The regulator also alleged that on 27 occasions, Carll provided false documents intending to deceive Macquarie Bank to release funds to him, some of which he paid to his clients.
ASIC said Carll's actions meant the clients lost control of their retirement funds and suffered a loss of nearly $53,000.
However, following negotiations between the Australian financial services licensees and financial institutions concerned, arrangements had been made for the return of the clients' funds and compensation for their financial loss, ASIC said.
If convicted, each offence carries a maximum penalty of 10 years' imprisonment.
The Commonwealth Director of Public Prosecutions is prosecuting the matter, which returns to the Port Pirie Magistrates Court on 25 October.
In February, Carll was permanently banned by ASIC from providing financial services.
His conduct was brought to ASIC's attention by Genesys. The regulator said the dealer group cooperated fully with ASIC's investigation.
