A former Futuro adviser is facing up to 15 years behind bars following allegations he stole $179,600 from a deceased estate of which he was executor.
Robert Pryor Smith appeared in the Adelaide Magistrate's Court charged with 27 dishonesty offences last week.
ASIC alleges that between October and July 2016 Smith transferred $179,600 from the deceased estate of a client to one of his own accounts.
The property in question was jointly owned by the beneficiaries of the estate, which were charitable organisations.
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At the time, Smith was a financial adviser licensed by Futuro Financial Services and director of Advice 4 Wealth.
He is currently on bail, remanded to appear in the committal court later this month.
Smith is facing a maximum penalty of 15 years in prison for each offence.
ASIC permanently banned Smith in January last year, saying that he was not of good fame or character.
In its initial banning, ASIC alleged Smith had stolen $278,042 between December 2008 and July 2016 from the bank account of a deceased estate of which he was the trustee and executor, transferring funds into bank accounts held in his name.
An ASIC investigation concluded that Smith's conduct was designed to benefit his own interest and financial needs at the expense of the estate and beneficiaries.
ASIC also found Smith's conduct to be dishonest, finding he made false statements about what happened to the estate's funds.
According to Smith's LinkedIn account, he has been working as a senior business consultant at Elevator Business Consultants for the last year and 10 months, consulting on farm and business successions and offering mediation services.
Prior to becoming an authorised representative of Futuro, Smith was a senior financial adviser and farm succession specialist at Elders Financial Services and Elders Trustees.