ASIC revokes Australian advisor license after police charges

Australian regulator ASIC has revoked the Licence of an advisory company based in Perth at the request of the company.

September 3, 2019 | AtoZ Markets – The Australian Securities and Investments Commission (ASIC) has today revoked the AFS (Australian Financial Services) license of the advisory company Platinum Perpetual Global Private Wealth. (License number: 508415).

According to the official website announcement, the AFS licence cancellation was at the request of the company itself following a separate action brought by the Western Australian Police Force (WAPF).

Perth-based advisory company charged with $948 million theft

The WAPF has accused a 38 years old male consultant of Platinum, from Yanchep in Perth, with 8 counts of stealing, which violates article s378 of the WA Criminal Code 1913 (WA).

The consultant allegedly, according to the WAPF, misappropriated about $948,82 million of client funds without authorization to do so. They further added that the Yanchep-based man illegally withdrew funds from his clients’ accounts severally during July 2019 which he allegedly transferred the illegal funds to several personal online gambling accounts.

The consultant is due to appear before the Joondalup Magistrates Court on 9 September 2019. However, the Australian regulator has advised customers who wish to report a concern about the activities of Platinum Perpetual Global Private Wealth Pty Ltd or its consultants to submit a misconduct report on the regulator’s official website.

On the ASIC’s MoneySmart website, customers are provided with information on how to choose, how to complain to the broker, and what can be done if the broker is banned.

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