A former Adelaide financial adviser has been taken to court by ASIC over 27 dishonesty offences after allegedly stealing A$179,600 from a deceased estate of which he was the executor.
Robert Pryor Smith has appeared in the Adelaide Magistrates' Court to face the allegations that between 14 October 2010 and 12 July 2016, he stole money by transferring it from the estate account to one of his own. The property was jointly owned by the beneficiaries of the estate, who were charitable organisations.
He was a financial adviser of Futuro Financial Services Pty Ltd (Futuro) and director of Advice 4 Wealth Pty Ltd (A4W).
ASIC found that Smith's conduct was designed to benefit his own interest and financial needs at the expense of the Estate and the beneficiaries. ASIC also found that his conduct was dishonest and that he made false statements about what happened to the Estate funds.
Smith was placed on bail and was remanded to appear in the committal court on 23 July 2019. He faces a maximum penalty of 10 years imprisonment for each offence committed prior to May 2012, or 15 years imprisonment for each offence committed after that time.
The Commonwealth Director of Public Prosecutions is prosecuting following referral of a brief from ASIC.
On 8 January 2018, ASIC took administrative action against Smith, permanently banning him from providing financial services, on the basis that he was not of good fame or character.