Fortune fleeced from superannuation victims
A DIRECTOR who misused vast sums of customer retirement savings has been banned from financial advising for 25 years.
Graeme Walter Miller frequently misused investor funds for personal purposes, including for his own credit card and bank account.
Victims who made deposits in Ballina, NSW worth $700,000 to one of Miller's companies were fleeced and ASIC investigated.
The Federal Court in Brisbane said Miller caused more than $4.7million to be transferred by misrepresenting what he would do with clients' money.
On Friday, Wilsons Creek company Combined Financial Solutions and another linked to Miller were wound up.
From about 2008, Miller provided investment, superannuation and insurance advice through CFS Corporation.
He arranged multiple transfers from clients' self-managed super funds to CFS Corporation "ostensibly for investment purposes," Justice John Reeves said.
One couple - the Crosbies - invested $950,000 of superannuation savings on Mr Miller's advice.
Miller returned $100,000 of that money in 2015 but the Crosbies lost the rest.
ASIC investigated Miller in 2016.
Justice Reeves said Miller admitted to writing "other insurance policies for family members and for close friends without their knowledge or consent".
Miller also admitted making false applications for life insurance in his name, or the name of a former business partner, to OnePath Life Limited, TAL Life and Asteron Life.
CFS Corporation was later renamed Go to Super Pty Ltd, then BDM Asia Pacific Pty Ltd.
Miller resigned as BDM's sole director in July 2015.
At the time of its deregistration, it had no directors.
On Friday, Combined Financial Solutions Pty Ltd was wound up, as was CFS Private Wealth Pty Ltd.
Justice Reeves said Miller was the sole director and shareholder of those companies.
Apart from the quarter-century ban on providing financial services, Miller was disqualified from managing corporations for three years. -NewsRegional