A former financial adviser with Bridges Financial Services has pleaded guilty to six charges brought against him by ASIC.
Alan Brown of Lugarno, Sydney, agreed to the charges after appearing before the Downing Centre Local Court yesterday.
Brown is charged with one count of obtaining money by deception, one count of using a false instrument, and four counts of dishonest conduct in relation to financial services.
ASIC alleged that between July 2002 and July 2008, Brown fraudulently withdrew funds totalling $600,000 from five clients' accounts without their knowledge or authority, an ASIC statement said.
The corporate regulator also claimed Brown allegedly forged a client's signature on a falsified withdrawal request to obtain funds from the client's account for his own purposes.
The charges follow ASIC's investigation into Brown's former role as a financial adviser with Bridges.
Bridges contacted ASIC after raising concerns over Brown's conduct during his time as authorised representative with the group between 7 June 2007 and 13 May 2008.
The company assisted ASIC with its investigation into the allegations of misconduct made against Brown, ASIC said.
Brown was granted conditional bail and the matter will return to the Sydney District Court on 20 May for sentencing.
