A former Melbourne financial planner has been charged with 13 offences involving dishonesty relating to his clients’ SMSF assets while running a financial services business.
The Australian Securities and Investments Commission (ASIC) alleged Ostrava Equities’ Bradley Grimm engaged in dishonest conduct on six occasions between 18 February 2015 and 11 March 2015 when he transferred funds from his clients’ SMSFs to three separate companies of which he was the sole director.
The companies in question were Thrive Lending, Trade BTC and Beta Pharmacology.
In addition, the corporate regulator alleged Grimm transferred client SMSF money to a superannuation fund of which his financial services business was the administrator.
It also alleged that on a further seven occasions between 19 October 2015 and 11 November 2015, he dishonestly transferred shares owned by his clients’ SMSFs to Equity Capital Partners Hedge Fund, a company of which he was sole director.
The charges follow ASIC’s successful action in the Federal Court for the winding up of Ostrava Equities, Ostrava Asset Management, Ostrava Securities, Ostrava Wealth Management, Beta Pharmacology, Prometheus Capital, Thrive Lending, Trade BTC and Equity Capital Partners Hedge.
Grimm and his company, Ostrava Equities, were until 21 October 2015 authorised representatives of Australian financial services licensee (AFSL) Marigold Falconer International (previously known as Falconer and Company), which had its AFSL cancelled in August 2016.
Grimm appeared via counsel in the Melbourne Magistrates Court today. The matter was adjourned for committal mention on 31 January 2019 in the same court.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
