ASIC cancels Platinum Perpetual Global Private Wealth’s AFS licence

asic afs license

Australian regulator ASIC announced earlier today that it has cancelled the Australian financial services (AFS) licence of the company Platinum Perpetual Global Private Wealth Pty Ltd, based in Perth (AFSL 508415).

The AFS licence was cancelled at the request of the company, following a separate action brought by Western Australian Police Force (WAPF), which has charged a 38 year-old male advisor of Platinum, from Yanchep in Perth, with 8 counts of stealing contrary to s378 of the WA Criminal Code 1913 (WA).

According to the WAPF, the advisor misappropriated approximately $948,236.96 of clients’ funds without authority to do so. Numerous unlawful withdrawals have been made during July 2019.

He then allegedly transferred the stolen funds into several personal online gambling accounts.

The advisor is due to appear in the Joondalup Magistrates Court on 9 September 2019.

ASIC advises that anyone who wishes to report a concern about the activities of Platinum Perpetual Global Private Wealth Pty Ltd or its advisors can do so at the regulator’s official website.

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