Following an ASIC investigation, former financial adviser and accountant, Satvir Singh Birk, aged 40, of Reedy Creek, has today appeared in the Southport Magistrates Court charged with five counts of fraud involving approximately $800,000.
ASIC alleges that between September 2010 and October 2011, Mr Birk, whilst an authorised representative of Professional Investment Services Pty Ltd (Bundall), dishonestly caused a detriment to numerous clients.
The charges against Mr Birk carry a maximum penalty of up to 12 years imprisonment.
Mr Birk was released on various conditions, including that he reside at his current address and notify the Commonwealth Director of Public Prosecutions (CDPP) of any change of residence.
The matter was adjourned until 1 August 2016.
The CDPP is prosecuting the matter.
Background
In December 1999, Mr Birk became a partner of Sa & Birk Accountants Pty Ltd and later the Carter Group Pty Ltd, located in Brisbane and the Gold Coast.
In September 2007, Mr Birk was an authorised representative for Professional Investment Services Pty Ltd in Bundall and prior to this, was an authorised representative at Bongiorno Financial Advisers (Aust) Ltd AFSL No. 238976 (in liquidation).
In April 2014, Mr Birk’s ceased his roles with Sa & Birk Accountants Pty Ltd, the Carter Group Pty Ltd and his authorised representative role with Professional Services Pty Ltd was revoked.
