Gold Coast adviser jailed for dodgy super dealings
A former adviser has been sentenced to two and a half years of imprisonment after an ASIC investigation found he had made unauthorised withdrawals from his client’s super accounts.
Former financial adviser and accountant Satvir Singh Birk of Reedy Creek was sentenced to two and a half years of imprisonment by the Southport District Court.
Mr Birk pleaded guilty to five counts of dishonestly using his position as director of The Carter Group with the intention of gaining an advantage, for himself or others, in the amount of approximately $800,000, ASIC said in a public statement.
The charges relate to conduct between September 2010 and October 2011, while Mr Birk was an authorised representative of Professional Investment Services and a director of the Carter Group, now in external administration.
ASIC alleges that Mr Birk dishonestly used his position as a director 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to be drawn on a client’s superannuation account without authorisation and deceived some clients as to the use of funds withdrawn from their superannuation funds.
It also alleges that he deceived another client as to the price at which units in an unlisted registered managed investment scheme had been sold for and used a portion of the proceeds for the benefit of his father.
In addition, it also alleges that he misled clients in relation to the value and other details of units they had purchased in an unlisted registered managed investment scheme.
ASIC commissioner Danielle Press said Mr 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,” he said.
Mr Birk was convicted and sentenced to two and a half years in prison, to be released after serving four months upon entering into a recognisance order of $10,000 upon the condition that he will be of good behaviour for a period of two and a half years.