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Planner charged over misuse of SMSF assets

An Australian Securities and Investments Commission (ASIC) investigation has resulted in the principal of Sherwin Financial Planners being charged with a number of fraud offences.

Bradley Sherwin, who is also chair of Wickham Securities, has been charged in the Brisbane Magistrates Court with 33 counts of dishonestly causing detriment totalling around $10 million.

The fraud offences occurred between May 2009 and December 2012 and relate to the use of SMSFs of former Sherwin Financial Planners clients.

In addition, Sherwin was charged with one count of dishonestly breaching his duties as a director of Wickham Securities between November 2009 and October 2010.

The matter is being prosecuted by the Commonwealth Director of Public Prosecutions and will return to the Brisbane Magistrates Court on 23 July.

Sherwin Financial Planners was placed into administration in January 2013 and liquidation a month later after a series of companies in which Sherwin held directorships collapsed, leaving in excess of $30 million owing to clients of the financial advisory firm.

The collapsed companies included Rearcroft, Astor Funds and Blue Diamond Investments.

Wickham Securities was also placed into administration in December 2012 and liquidation in February 2013, having collapsed while owing debenture holders over $27 million.

In September 2013, ASIC banned Sherwin from providing financial services for two years and seven months after he filed for bankruptcy in May of that year.

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