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ASIC commences court proceedings against adviser

Miranda Brownlee
08 May 2018 — 1 minute read

ASIC has initiated proceedings in the Federal Court of Australia against an adviser after investigations found that he advised clients to invest their SMSF funds in a company of which he was director.

In a public communication, ASIC said it has commenced proceedings against NSW financial adviser Graeme Walter Miller and three related companies including CFS Private Wealth Pty Ltd, Combined Financial Solutions Pty Ltd and BDM Asia Pacific Pty Ltd.

Following an investigation, ASIC alleges that Mr Miller recommended that clients of CFS Private Wealth establish SMSFs and use their SMSF funds to invest in CFS Corporation, of which he was a director.


It also alleges that he used investor funds for personal use and to repay other investors in CFS Corporation, failed to keep proper records of client investments in CFS Corporation and continued to operate the bank account of CFS Corporation after it was deregistered.

“ASIC also alleges that the respondents appear to have insufficient assets to repay investors in CFS Corporation and that CFS Private Wealth has failed to lodge its financial accounts for the 2016 and 2017 financial years,” it said.

ASIC said it is seeking orders to restrain Mr Miller from providing financial services, prevent the respondents from dealing with assets or investor funds, wind up the companies and appoint a liquidator; and disqualify Mr Miller from managing corporations.

The matter will be heard in the Federal Court in Brisbane on 10 May 2018.

Miranda Brownlee

Miranda Brownlee


Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.

Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years. 

Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.

You can email Miranda on: This email address is being protected from spambots. You need JavaScript enabled to view it.

ASIC commences court proceedings against adviser
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