Adviser banned over dodgy super withdrawals

ASIC has permanently banned a financial adviser after an investigation found he had deceived clients about the use of funds withdrawn from their superannuation funds.

In a public statement, ASIC said Gold Coast financial adviser Mr Satvir Singh Birk has been permanently banned from providing financial services.

Mr Birk was an authorised representative of Professional Investment Services Pty Ltd, and a director of Carter Group Pty Ltd, now in external administration, which was a corporate authorised representative of PIS.

An ASIC investigation found that between September 2010 and October 2011, Mr Birk was dishonest in that he caused cheques to be drawn on a client’s superannuation account without authorisation and deceived some clients as to the use of funds withdrawn from their superannuation funds.

He also 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.

He also misled clients in relation to the value and other details of units they had purchased in an unlisted registered managed investment scheme.

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”.

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

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