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ASIC prosecutes former financial planner on dishonesty charges

BIScom Subsection: 
Editorial Staff

A former financial planner from Melbourne, Australia, has been prosecuted by the regulator the Australian Securities and Investments Commission (ASIC)

ASIC alleges between 18 February 2015 and 11 March 2015, Mr Bradley Grimm engaged in dishonest conduct on six occasions when he transferred funds between his clients’ self-managed superannuation funds (SMSFs) to three separate companies of which Mr Grimm was the sole director:

Thrive Lending Pty Ltd
Trade BTC Pty Ltd; and
Beta Pharmacology Pty Ltd;

and to a superannuation fund of which Grimm’s financial services business was the administrator.

There are a total of 13 charges. ASIC also alleges that on a further seven occasions between 19 October 2015 and 11 November 2015, Mr Grimm dishonestly transferred shares owned by his clients’ SMSFs to Equity Capital Partners Hedge Fund Pty Ltd, a company of which he was sole director.

The charges follow ASIC’s successful action in the Federal Court for the winding up of Ostrava Equities Pty Ltd, Ostrava Asset Management Pty Ltd, Ostrava Securities Pty Ltd, Ostrava Wealth Management Pty Ltd, Beta Pharmacology Pty Ltd, Prometheus Capital Pty Ltd, Thrive Lending Pty Ltd, Trade BTC Pty Ltd and Equity Capital Partners Hedge Fund Pty Ltd (the Companies)

Grimm and his company Ostrava Equities Pty Ltd were until 21 October 2015 authorised representatives of Australian financial Services licensee Marigold Falconer International Limited (previously known as Falconer & Company Limited), whose AFSL was cancelled in August 2016.