13 charges for alleged transfers from clients’ SMSFs

Tags:

A former financial planner has been charged with 13 offences relating to alleged transfers from the SMSFs of clients.

ASIC announced that Mr Bradley Grimm has been charged with 13 dishonesty offences in the Melbourne Magistrates Court.

ASIC alleges that in 2015 Mr Grimm “engaged in dishonest conduct on six occasions when he transferred funds between his clients’ self-managed superannuation funds (SMSFs) to three separate companies of which Mr Grimm was the sole director” and to “a superannuation fund of which Mr Grimm’s financial services business was the administrator”.

“ASIC also alleges that on a further seven occasions between 19 October 2015 and 11 November 2015, Mr Grimm dishonestly transferred shares owned by his clients’ SMSFs to Equity Capital Partners Hedge Fund Pty Ltd, a company of which he was sole director.”

The matter, which is being prosecuted by the Commonwealth Director of Public Prosecutions, was adjourned for a committal mention on 31 January 2019.

According to ASIC, the charges follow from action to wind up a number of companies in 2015.

“Mr Grimm and his company Ostrava Equities Pty Ltd were until 21 October 2015 authorised representatives of Australian financial Services licensee Marigold Falconer International Limited (previously known as Falconer & Company Limited), whose AFSL was cancelled in August 2016,” said ASIC.

Want to be kept up-to-date with SMSF and Superannuation changes, why not subscribe to our Newsletter?

This article, as with all content on this site, is for informational purposes only, and is not legal, financial, tax or other advice. Please read our Terms and Conditions of Use.

Leave a Reply

Your email address will not be published. Required fields are marked *