ASIC permanently bans former director of Carter Group Pty Ltd

asic bans

ASIC has permanently banned Gold Coast based financial adviser Mr Satvir Singh Birk from providing financial services.

Mr Birk was an authorised representative of Professional Investment Services Pty Ltd (PIS) and a director of Carter Group Pty Ltd (Carter Group) (now in external administration) which was a corporate authorised representative of PIS.

ASIC found that between September 2010 and October 2011, Mr Birk:

  • was dishonest in that he:
    – caused cheques to be drawn on a client’s superannuation account without authorisation;
    – deceived some clients as to the use of funds withdrawn from their superannuation funds;
    – deceived another client as to the price at which units in an unlisted registered managed investment scheme had been sold for and as to the use of the proceeds of the sale, and used a portion of the proceeds for the benefit of Mr Birk’s father;
  • misled clients in relation to the value and other details of units they had purchased in an unlisted registered managed investment scheme.

Peter Kell, ASIC

ASIC Commissioner, Mr Peter Kell, said:

ASIC will ensure anyone who acts dishonestly and places their own interests ahead of those they advise will be removed from the financial services industry.

Mr Birk has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

On 4 July 2016, Mr Birk appeared in the Southport Magistrates Court charged with five counts of fraud involving approximately $800,000. The matter has been adjourned until 7 August 2017.

Mr Birk was released on various bail conditions. This matter is being prosecuted by the CDPP.

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