Financial adviser ‘used $1.1M of clients’ money’ to fund lifestyle
A Townsville financial adviser has been charged with dishonestly using clients' money to the tune of $1.1 million to allegedly fund his personal lifestyle.
Following an ASIC investigation, Anthony Vivian Dick, a former financial adviser based in Townsville has been charged with eleven counts of dishonestly applying to his own use property belonging to another, contrary to section 408C (1)(a) of the Criminal Code Act 1899 (Queensland).
ASIC alleges that between March 2006 and December 2017, Mr Dick accessed and transferred around $1.1 million from his clients' superannuation, pension and personal savings accounts. It is alleged that Mr Dick used his clients' savings to fund his personal lifestyle expenses.
Mr Dick appeared at the first mention of the matter at Townsville Magistrates Court on February 10.
The court granted bail to Mr Dick and made an order that he surrender his passport.
The matter will next come before the court on May 11.
This matter is being prosecuted by the Commonwealth Director of Public Prosecutions following a referral of a brief of evidence from ASIC.
Due to changes to the Criminal Code during the period of the alleged offending, the charges carry various maximum penalties of between 10 to 14 years' imprisonment if proven.