Adviser banned for stealing client super
ASIC has permanently banned a financial adviser from providing financial services and credit activities after he was convicted for stealing amounts that were withdrawn from client super funds.
Former Perth financial services representative Craig James Wilson has been permanently banned from providing services and engaging in credit activities after he was convicted by the District Court of Western Australia for four counts of stealing.
In a public statement, ASIC said that between 25 October 2017 and 23 January 2018, four of Mr Wilson’s clients received payments into their bank accounts from their superannuation funds.
“Due to Mr Wilson’s planned actions, the clients received more than they had requested to be withdrawn,” ASIC stated.
“The clients then asked for funds to be returned. Mr Wilson provided his own personal bank details for the return of funds, totaling $101,800.”
Since 2010, Mr Wilson was employed by Lifenet (WA) Financial Advice, a corporate authorised representative and credit representative of Securitor Financial Group.
Mr Wilson was also a credit representative between July 2014 and November 2015 and an authorised representative between June 2014 and March 2018 of Securitor.
ASIC banned Mr Wilson after he was convicted in August 2018, in separate proceedings in the District Court of Western Australia, of four counts of stealing as a servant.
Mr Wilson has the right to lodge an application for review of ASIC's decision with the Administrative Appeals Tribunal.
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 also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
