Former Financial adviser Pleads Guilty to Dishonestly Obtaining Client Funds

ASICFormer financial adviser, Mr Trevor William Martin, has pleaded guilty in the District Court of NSW, to three counts of dishonestly obtaining client funds under the NSW Crimes Act.

An ASIC investigation found that between 1 June 2011 to April 2015, Mr Martin, formerly of Kiama, NSW, dishonestly obtained approximately $208,000 from clients, by:

  • advising clients of investment opportunities;
  • telling clients that he would invest monies on their behalf;
  • inducing clients to transfer money to his business account;
  • not investing the monies as represented; and
  • using the money for his own personal expenses and other purposes.

Mr Martin was an authorised representative of The Salisbury Group and later, Charter Financial Planning Limited, which is owned by AMP.

Sentencing for the matter has been listed for 16 August 2019 in the District Court of NSW. The Court imposed several bail conditions on Mr Martin, including the surrender of his passport. The charge of dishonestly obtaining property by deception carries a maximum penalty of ten years imprisonment.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.