30. September 2011 08:14
Monday 26 September 2011
Mr Trevor Wayne Carll, of Port Pirie, South Australia, has appeared in the Port Pirie Magistrates Court on one charge of deception and 27 charges of dishonest dealings with documents, brought by ASIC.
The charges arose from ASIC’s investigation into Mr Carll’s conduct as a financial adviser. Mr Carll was an authorised representative of three Australian financial services licensees.
It is alleged that Mr Carll deceived two clients of these licensees about how he intended to use documents signed by them and dishonestly arranged for the clients’ assets to be held as security for his personal margin loan facility. It is also alleged that on 27 occasions, Mr Carll provided false documents intending to deceive Macquarie Bank Limited to release funds to him, some of which he paid to his clients.
If convicted, each offence carries a maximum penalty of ten years’ imprisonment.
The alleged offences occurred between 21 June 2004 and 20 May 2010 while Mr Carll was an authorised representative of the following Australian financial services licensees:
- Financial Wisdom Ltd;
- Financial Planning Services Australia Pty Ltd; and
- Genesys Wealth Advisers Ltd.
ASIC’s action against Mr Carll is consistent with the Commission’s focus on ensuring fair and efficient financial markets.
The Commonwealth Director of Public Prosecutions is prosecuting the matter which returns to the Port Pirie Magistrates Court on 25 October 2011.
On 16 February 2011, ASIC permanently banned Mr Carll from providing financial services (see ASIC Advisory 11-27AD ASIC permanently bans former Port Pirie financial adviser).
Mr Carll’s conduct was brought to ASIC’s attention by Genesys Wealth Advisers Ltd who cooperated fully with ASIC’s investigation.
As a result of Mr. Carll’s actions, the clients lost control of their retirement funds and suffered a financial loss of $52,931.71. However, following negotiations between the Australian financial services licensees and financial institutions concerned, arrangements have been made for the return of the clients’ funds and compensation for their financial loss.