Coast financial adviser jailed over $800,000 deception

A GOLD Coast financial adviser and accountant has been jailed for more than two years after a Federal investigation found he misused about $800,000 of client funds.

Reedy Creek man Satvir Singh Birk, 42, was yesterday sentenced in the Southport District Court to two and a half years imprisonment, following an Australian Securities and Investment Commission investigation.

Birk pleaded guilty in May to five counts of dishonestly using his position as director of The Carter Group with the intention of gaining an advantage, for himself or others, in the amount of approximately $800,000.

The charges related to conduct ASIC said occurred between September 2010 and October 2011, while Birk was an authorised representative of Professional Investment Services and a director of the Carter Group, which is now in external administration.

ASIC alleged that Birk caused unauthorised cheques to be drawn from his clients’ superannuation accounts.

The regulator alleged Birk misled clients about value and other details of units they had purchased in an investment scheme.

ASIC Commissioner Danielle Press described the adviser’s actions as “dishonest and betrayed the trust of his clients”. Birk will be released after serving four months on a two-and-a-half year, $10,000 good behaviour bond.

BUSINESS, P24