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17-300MR Principal of Sherwin Financial Planners pleads guilty to fraud
The former Principal of Sherwin Financial Planners Pty Ltd and Chairman of Wickham Securities Ltd has today pleaded guilty to 25 charges brought by ASIC, arising out of the collapse of his financial planning business.
Bradley Thomas Sherwin, 62, of Everton Hills, Queensland, appeared in the Brisbane District Court, and pleaded guilty to:
- twenty four counts of dishonestly causing a detriment between May 2009 and December 2012 to the value of nearly $10 million to a number of clients of Sherwin Financial Planners; and
- one count of dishonestly breaching his duties as a director of Wickham Securities Limited between June 2010 and October 2010.
Mr Sherwin will be sentenced on 14 November 2017. Mr Sherwin did not apply for bail and was remanded in custody.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Wickham Securities collapsed in December 2012, owing more than $27 million to approximately 300 debenture holders. Sherwin Financial Planners and other companies of which Mr Sherwin was a director collapsed in January 2013, owing more than $30 million to clients of Sherwin Financial Planners (refer: 15-158MR)
In May 2016, ASIC permanently banned Mr Sherwin from providing financial services (refer: 16-136MR).
In September 2016, the former Chief Executive Officer of Wickham Securities, Garth Peter Robertson, was sentenced to 5 years imprisonment after pleading guilty to various charged brought by ASIC, including fraud (refer: 16-288MR).
In June 2013, ASIC cancelled the registration of the auditor of Wickham Securities, Brian Kingston, after forming the view he failed to carry out or perform adequately and properly the duties of an auditor (refer: 13-156MR).