Graeme Walter Miller, former director of Australian financial services licensee CFS Private Wealth Pty Ltd and also CFS Corporation Pty Ltd (CFS), has been charged with dishonesty offences totalling $1.865 million.

Mr Miller, of Myocum, New South Wales, appeared through his lawyer in the Lismore Local Court charged with twelve counts of engaging in dishonest conduct in the course of carrying on a financial services business, contrary to section 1041G of the Corporations Act 2001.

ASIC alleges between July 2013 and March 2017, Mr Miller advised his financial planning clients to invest funds with CFS on the basis that CFS would invest the money. ASIC alleges that Mr Miller did not invest the funds given to CFS by those clients, but instead used the funds for his own benefit and to meet business expenses, including payments made to other clients as dividend payments. 

The charges relate to twelve investments made by seven different clients, including self-managed superannuation funds, totalling $1.865 million.

The matter has been adjourned to 17 December 2019 for further mention in the Downing Centre Local Court in Sydney.

The Commonwealth Director of Public Prosecutions is prosecuting the matter after a referral from ASIC.

Background

In January 2019, the Federal Court banned Mr Miller from providing financial services for 25 years, and disqualified him from managing corporations for 3 years (19-009MR).

Editor's note:

Following a mention on 17 December 2019, the matter was adjourned until 4 February 2020.

Editor's note 2:

Following a mention on 4 February 2020, the matter was adjourned to 31 March 2020.

Editor's note 3:

On 31 March 2020, the matter was adjourned to 14 April 2020. 

Editor's note 4:

On 14 April 2020, Mr Miller pleaded guilty to six rolled-up charges of engaging in dishonest conduct in the course of carrying on a financial services business, contrary to section 1041G of the Corporations Act 2001, totaling $1.865 million. Mr Miller will appear before the District Court on 24 April 2020, at which time a sentence date will be allocated.

Editor's note 5:

The District Court adjourned the appearance by Mr Miller from 24 April 2020 to 1 May 2020, at which time a sentence date will be allocated.

Editor's note 6:

Mr Miller will appear before the District Court on 8 July 2020 for sentencing.

Editor's note 7:

The sentencing hearing for Mr Miller occurred on 8 July 2020, the Court
will deliver its sentence at 10am on 23 July 2020.

Editor's note 8:

On 22 July 2020, the Court advised the sentence date has been adjourned to 11am on 31 July 2020.