Financial adviser charged with $500,000 fraud

A former WealthSure financial adviser has appeared before the Downing Centre Local Court in Sydney on 22 fraud charges brought by the Australian Securities and Investments Commission (ASIC).

Brian William Veitch, formerly of Minto, New South Wales, is charged with 21 counts of obtaining money by false and misleading statements, and one count of attempted use of a false instrument.

Veitch was an authorised representative of WealthSure from December 14, 2005 to February 23, 2010.

The regulator alleges that between October 2008 and February 2010, Veitch committed a variety of offences.

These include fraudulently transferred funds totalling approximately $500,000 from seven clients’ accounts without their knowledge or authority and providing a client with a false portfolio statement.

The latter action caused the client to believe that $300,000 was still in their account when in fact it was not.

The charges follow a lengthy ASIC investigation into Veitch’s former role as a financial adviser.

Veitch was granted conditional bail and the matter will return to the Downing Centre District Local Court on November 6, 2012.

The Commonwealth director of public prosecutions is acting for the Crown.