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Thursday 26 March 2020

20-073MR Former NSW South Coast financial advisor sentenced for dishonestly obtaining client funds

Trevor William Martin, former Kiama financial advisor, has been sentenced to three years’ imprisonment to be served by way of Intensive Corrections Order (ICO), for dishonestly obtaining client funds under the NSW Crimes Act. Mr Martin was ordered to serve 750 hours of supervised community service as part of the ICO.

On 1 May 2019, Mr Martin pleaded guilty to offences he committed between June 2011 and April 2015, where he dishonestly obtained $208,000 of his clients’ funds (19-105MR).

Mr Martin was sentenced, on 20 March 2020, for three charges of s192E of the Crimes Act 1900 (NSW); with each resulting in a sentence of two years and three months, 18 months and nine months respectively, to be served concurrently to make a three-year aggregate sentence of imprisonment. The Judge found that based on the type of offending and the subjective features in this case determined that Mr Martin was suitable for an ICO.  

Mr Martin was a trusted financial adviser who advised his clients of investment opportunities, telling his clients he would invest the monies on their behalf. He convinced clients to transfer money to his business account and went on to use their money for his own personal expenses and other purposes.

‘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.

Mr Martin was sentenced in the District Court of NSW.

In delivering the sentence, Judge Wass remarked that Mr Martin’s behaviour was a ‘breach of trust completely and grossly betrayed his clients.’

On 18 August 2018, ASIC permanently banned Mr Martin from providing financial services (18-107MR).

Mr Martin was an authorised representative of The Salisbury Group and later, Charter Financial Planning Limited, which is owned by AMP.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions after an investigation and referral from ASIC.

Background

This action falls within ASIC's Wealth Management Major Financial Institutions Portfolio. The Portfolio focuses on the financial services conduct of Australia's largest financial institutions (NAB, Westpac, CBA, ANZ and AMP) with respect to credit and retail lending, financial advice, fees for no service, superannuation trustees, insurance, unfair contract terms, and other licensee obligations.

Last updated: 05/05/2020 03:24