A former authorised representative of Charter Financial Planning has has been sentenced to three years' imprisonment for what the judge described as a betrayal of his clients.
In a statement, ASIC said Kiama-based adviser Trevor Martin had been sentenced for three charges under the Crimes Act 1900 on 20 March, after he was found to have obtained A$208,000 of client funds dishonestly.
His sentencing for three charges in relation to his activity as an adviser saw him receive an aggregate sentence of three years in prison. However, the judge determined his was suitable for an Intensive Corrections Order.
Breach of trust completely and grossly betrayed his clients"
Judge Wass said Martin's behaviour was: "Breach of trust completely and grossly betrayed his clients."
Martin, a former representative of AMP-owned Charter Financial Planning, was ordered to complete 750 hours of community service as part of the corrections order.
Martin was licensed by Charter Financial Planning and then Salisbury Group. He was banned from financial services in 2018.
ASIC said that Martin was a "trusted" financial adviser who invested money on behalf of clients.
The regulator alleged he breached that trust by convincing clients to transfer money to his business account and then using that account for his own personal expenses.
"Mr Martin was trusted by his clients to manage their savings. He abused that trust by using their funds for his own benefit. The sentence shows the court's approach to deterring dishonest acts such as these," said ASIC Commissioner Danielle Press.