A FINANCIAL advisor has been charged after allegedly siphoning more than half a million dollars of a client’s superannuation to fund his gambling.
Police say the man used his access to his client’s superannuation account to make several unlawful withdrawals from his client’s account over a 13-day period in July 2019
They allege the man then transferred the stolen funds into several personal online gambling accounts.
The matter was reported to police after the victim’s bank notified them of the suspicious transactions.
A 38-year-old man from Yanchep has been charged with ‘stealing by agents – money received by direction’.
He is due to appear in the Joondalup Magistrates Court on Monday September 9.
The investigation is ongoing.
Detective Senior Sergeant Ken Foster, Officer in Charge of the Major Fraud Squad, said this investigation served as a timely reminder for people who have self-managed superannuation funds to regularly check on their financial accounts.
“Providing other people, even financial advisors, direct access to your personal finances is something that needs careful consideration and ongoing monitoring,” he said.
“Suspicious transactions should be reported to the relevant bank or financial institution in the first instance, so that accounts can be immediately suspended and reviewed, and where it is believed
there may be fraudulent activity taking place the matter should be reported to Police on 131 444 or at the nearest police station.”