A former AMP adviser has pleaded guilty to stealing more than A$200,000 in client funds and faces up to ten years in prison.
Trevor William Martin was an authorised representative of The Salisbury Group, and later Charter Financial Planning, which is owned by AMP. He has pleaded guilty in the NSW District Court, Australia, to three counts of dishonestly obtaining client funds under the NSW Crimes Act.
An ASIC investigation found that between 1 June 2011 and April 2015, Martin stole approximately A$208,000 from clients.
The watchdog said Martin advised clients of investment opportunities and that he would invest the funds on their behalf once the money was transferred into his business account. Instead he used the money to cover his own personal expenses and other purposes.
Martin was originally charged on 17 April 2018. At the time, he was charged with 21 counts of dishonestly obtaining client funds and five counts of using false documents to obtain a financial advantage.
Sentencing for the matter has been listed for August this year, with Martin released on bail with conditions that included surrendering his passport. The charge of dishonestly obtaining property by deception carries a maximum penalty of 10 years imprisonment.
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