Former CFS Financial Advisor, Graeme Miller, charged with dishonesty offences
Graeme Miller, former director of Australian financial services licensee CFS Private Wealth Pty Ltd and also CFS Corporation Pty Ltd (CFS), has been charged with dishonesty offences totalling $1.865 million.
Mr Miller, of Myocum, New South Wales, appeared through his lawyer in the Lismore Local Court charged with twelve counts of engaging in dishonest conduct in the course of carrying on a financial services business, contrary to section 1041G of the Corporations Act 2001.
ASIC alleges between July 2013 and March 2017, Mr Miller advised his financial planning clients to invest funds with CFS on the basis that CFS would invest the money. ASIC alleges that Mr Miller did not invest the funds given to CFS by those clients, but instead used the funds for his own benefit and to meet business expenses, including payments made to other clients as dividend payments.
The charges relate to twelve investments made by seven different clients, including self-managed superannuation funds, totalling $1.865 million.
The matter has been adjourned to 17 December 2019 for further mention in the Downing Centre Local Court in Sydney.
The Commonwealth Director of Public Prosecutions is prosecuting the matter after a referral from ASIC.
