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Financial adviser banned following $3m fraud

by Martha.Ware 25. May 2011 08:13

ASIC has permanently banned a financial adviser following an investigation by the corporate regulator which found that he had defrauded more than $3 million from his clients over a seven year period.

ASIC’s investigation focused on the conduct of Robert Owen Bean while he was a securities representative and an authorised representative of Charter Financial Planning Ltd between 30 June 2003 and 30 June 2010. The investigation found that Mr Bean acted dishonestly and in breach of financial services laws, misappropriating more than $3.1 million from eight of his clients’ investment/superannuation accounts. The majority of defrauded funds were paid to unrelated clients and other third parties. A portion of the money was also used for Mr Bean’s personal benefit.

Mr Bean’s conduct was brought to ASIC’s attention by Charter Financial Planning Ltd, which has cooperated fully with ASIC’s investigation and has compensated all clients affected by this conduct.

ASIC banned Mr Bean in order to protect the public, deter similar conduct and maintain consumer confidence in the financial services sector.

Mr Bean has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Mr Bean is a director of BCFR Financial Services Group Pty Ltd, TCAS Group Pty Ltd and The County Group Pty Ltd, which operate financial planning businesses based at North Adelaide. Mr Bean provided financial advice to clients of these businesses.

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