ASIC has permanently banned a financial adviser from providing financial services after he was changed with five counts of fraud.
ASIC announced that it has permanently banned Mr Satvir Singh Birk from providing financial services. In early July Mr Birk appeared in the Southport Magistrates Court charged with five counts of fraud, involving approximately $800,000. The matter was adjourned until 7 August 2017.
ASIC says it found that, between September 2010 and October 2011, Mr Birk dishonestly made withdrawals from client’s superannuation accounts without authorisation. The regulator also found that he deceived some clients as to the use of money withdrawn from their super funds, and “misled clients in relation to the value and other details of units they had purchased in an unlisted registered managed investment scheme”.
Mr Birk also, according to ASIC, “deceived another client as to the price at which units in an unlisted registered managed investment scheme had been sold for and as to the use of the proceeds of the sale, and used a portion of the proceeds for the benefit of Mr Birk’s father”.
Mr Birk was an authorised representative of Professional Investment Services Pty Ltd (PIS) and director of Carter Group Pty Ltd, which is now in external administration but was a corporate authorised representative of PIS.
Mr Birk has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
ASIC Commissioner Peter Kell said: “ASIC will ensure anyone who acts dishonestly and places their own interests ahead of those they advise will be removed from the financial services industry”.
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