Adviser banned over theft from deceased estate

A former authorised representative of Futuro Financial Services that transferred about $300,000 to himself from a deceased estate has been permanently banned by the corporate regulator.

ASIC has permanently banned Robert Pryor Smith of South Australia's West Lakes, deeming him to not be of good fame or character.

An investigation by ASIC found that Smith transferred a total of $278,042.58 to bank accounts held in his name from the bank account of a deceased estate for which he was the trustee and executor.

The transfers took place between 29 December 2008 and 12 July 2016 and were also directed to bank accounts in the name of Advice 4 Wealth.

Smith was an authorised representative of Futuro from 10 October 2008 to 12 September 2017 and the sole director of Advice 4 Wealth.

The investigation found Smith's conduct to be designed to benefit his own interest and financial needs, at the detriment of the deceased estate and the beneficiaries.

Smith also lied about what had happened to the funds, with ASIC labelling his conduct dishonest.

Smith is listed on ASIC's Financial Advisers Register as a member of the Financial Planning Association of Australia, having attained his Certified Financial Planner qualification in 1996.

Read more: ASICFuturo Financial ServicesRobert Pryor Smithfinancial adviceFinancial Advisers Registerfinancial planningFinancial Planning Association of AustraliaFPA
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