A former authorised representative of Charter Financial Planning has been charged over what the judge described as a betrayal of his clients.
Trevor Martin from Kiama on the NSW south coast was hit with 750 hours of supervised community service as part of an Intensive Corrections Order.
In May 2019, Martin pled guilty to offences that saw him dishonestly obtain $208,000 in client funds.
His sentencing for three charges in relation to his activity as an adviser saw him receive an aggregate sentence of three years in prison. However, the judge determined his was suitable for an Intensive Corrections Order.
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Martin was licensed by Charter Financial Planning and then Salisbury Group.
ASIC said that Martin was a "trusted" financial adviser who invested money on behalf of clients.
The regulator alleged he breached that trust by convincing clients to transfer money to his business account and then using that account for his own personal expenses.
"Mr Martin was trusted by his clients to manage their savings. He abused that trust by using their funds for his own benefit. The sentence shows the court's approach to deterring dishonest acts such as these," said ASIC Commissioner Danielle Press.
As Martin was sentenced in the NSW District Court, the judge was clear in his disapproval of the adviser's actions.
Judge Wass said Martin's behaviour was: "Breach of trust completely and grossly betrayed his clients."
Martin was permanently banned by ASIC in 2018.
The ban came about after an ASIC investigation found that not only had Martin misappropriated client funds but he had falsified documents purporting to show that he had invested money on the clients' behalf.
ASIC alleged at the time that Martin had gone to some lengths to cover up his misappropriation of client money with these falsified documents.