Financial planner faces $10 million worth of fraud charges

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The principal of a financial planning company has faced court charged with more than 30 counts of fraud in relation to the improper use of funds from self-managed superannuation funds.

Bradley Thomas Sherwin, principal of Sherwin Financial Planners was not required to enter a plea and was granted conditional bail after appearing in Brisbane Magistrates Court on Thursday morning to answer 33 counts of dishonestly causing detriment totalling nearly $10 million.

Sherwin was also charged with one count of dishonestly breaching his duties as a director of Wickham Securities Limited between November 2009 and October 2010

The Australian Securities & Investment Commission (ASIC) has been investigating Sherwin since 2012.

Wickham Securities collapsed owing more than $27 million to approximately 300 debenture holders and was placed into administration in December 2012 and liquidation in February 2013.

Sherwin Financial Planners was placed into administration in January 2013 and liquidation in February 2013, along with other companies of which Sherwin was a director, including Reacroft, Astor Funds and Blue Diamond Investments.

All the companies collapsed owing more than $30 million to clients of Sherwin Financial Planners.

In April 2015 the former chief executive of Wickham Securities, Garth Peter Robertson, was charged with fraud.

In June 2013, ASIC cancelled the registration of the auditor of Wickham Securities, Brian Kingston, after forming the view he failed to carry out or perform adequately and properly the duties of an auditor.
Sherwin denied any wrongdoing and will return to court on July 23. 

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