A former Australian financial adviser, Satvir Birk, has been given a two and a half year prison sentence, after he was banned from providing financial services by watchdog ASIC in 2017.
Birk pleaded guilty to five counts of dishonestly using his position as director of financial services firm The Carter Group with the “intention of gaining an advantage for himself or others” in the amount of around A$800,000 ($574,000) (£444,000) (€504,000).
The charges relate to conduct between September 2010 and October 2011, while Birk was an representative of Professional Investment Services and a director of The Carter Group, which was a corporate representative of PIS.
Deception
ASIC said that Birk used his position as a director to: cause cheques to be drawn on a client’s superannuation account without authorisation; deceive clients to withdraw funds; mislead clients about the value and other details of units they had purchased in an unlisted investment scheme.
ASIC commissioner Danielle Press said: “Birk’s actions were dishonest and betrayed the trust of his clients. Today’s decision shows this type of behaviour will be met with serious consequences.”
Commonwealth Director of Public Prosecutions carried out the prosecution of Birk.
