A Perth financial adviser has been charged by the Major Fraud Squad after allegedly stealing nearly A$1 million from a client's superannuation account to fund his gambling habit.
Police say the man made several unlawful withdrawals totalling A$948,237 from his clients' account over a 13-day period in July. He then allegedly transferred the stolen funds into several personal online gambling accounts.
The 38-year old adviser, who was not named but identified as a Yanchep resident, worked at Platinum Perpetual Global Private Wealth Pty Ltd.
The matter was reported to police after the victims' bank notified them of the suspicious transactions and the investigation is ongoing. He is due to appear at the Joondalup Magistrates Court on September 9.
Separate to the incident, Platinum Perpetual Global Private Wealth Pty Ltd has asked the Australian Securities and Investments Commission for its AFSL to be cancelled.