The Commonwealth Director of Public Prosecutions (CDPP) has withdrawn its charge against former Storm Financial Ltd financial adviser, Walter John (Wally) Fullerton-Smith.
Mr Fullerton-Smith faced a charge of making a false or misleading statement to obtain a financial advantage (refer: 13-347MR). His trial was due to start in November 2014.
However, following a reassessment of the evidence due to the recent death of an elderly prosecution witness (whose evidence was considered to be vital in proving its case) and other developments, the CDPP has withdrawn the charge.
In November 2012, ASIC banned Mr Fullerton-Smith for life from the financial services industry after it found he had engaged in misleading and deceptive conduct and failed to comply with financial services laws (refer: 12-296MR).
