Former adviser accused of theft loses lengthy extradition fight

A former financial adviser now residing in New Zealand lost a bid to stop her from being extradited to Australia to face 136 charges related to the alleged theft of clients' retirement savings.

Marion Joan Pearson, formerly based in Perth, is accused of having stolen millions of dollars intended for clients' self-managed super funds.

She was permanently banned by ASIC in 2015 after it found she engaged in dishonest conduct and in conduct that was misleading or deceptive.

ASIC alleged Pearson created documents to disguise the fact she was funnelling client money into a bank account held in her company's name, Colisa, without their knowledge. It also alleged she misled her licensee at the time, Ballast Financial Management, and clients into believing she had invested the money when she had not.

Pearson was an authorised representative of Ballast between November 2007 and October 2013. At the time, Colisa traded as Anmar Financial Consultants, of which Pearson was sole director.

At the time, ASIC said investigations into Pearson were ongoing. Since, it's been revealed that between 2009 and 2013 she is alleged to have stolen more than $4.1 million from clients, most of which were receiving advice related to their SMSFs.

After Ballast revoked Pearson's authorisation, she moved to New Zealand and voluntarily came back to face ASIC in 2015. In 2018, a warrant for her arrest over the alleged theft was issued and her extradition to Western Australia was sought. Records show she was arrested in New Zealand in 2019 and given bail.

Pearson has been fighting the extradition ever since, with interim suppression orders granted to hide her name. Documents show Pearson was hoping to participate in pre-trial hearings remotely, be allowed to return voluntarily for the trial and wanted permanent name suppression orders granted, reportedly claiming her ability to continue working in New Zealand would be jeopardised otherwise.

In 2021 the District Court determined she could be extradited, which Pearson then unsuccessfully attempted to appeal in the High Court. A further two subsequent appeals were also unsuccessful.

Seeking leave for an appeal again, this week the New Zealand Supreme Court dismissed her bid and, in doing so, the suppression order was lifted.

The Court said, given the previous outcomes of appeals, it did not believe this appeal had enough chance of success to warrant hearing her case.

According to a LinkedIn profile, Pearson has been working as managing director of a family-owned cleaning supplies business in Wellington since January 2014.