Bankrupt AFSL chairman fronts court

Mr Sherwin appeared in the Brisbane Magistrates Court charged with 33 counts of dishonestly causing detriment totalling nearly $10 million between May 2009 and December 2012.

The charges relate to the use of self-managed superannuation funds of former clients of Sherwin Financial Planners.

Mr Sherwin was also charged with one count of dishonestly breaching his duties as a director of Wickham Securities Limited between November 2009 and October 2010.

He was not required to enter a plea and was granted conditional bail.

The matter will return to the Brisbane Magistrates Court on 23 July 2015. The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Wickham Securities collapsed owing more than $27 million to approximately 300 debenture holders. It was placed into administration in December 2012 and liquidation in February 2013, with Grant Sparks and David Leigh of PPB Advisory as liquidators.

Sherwin Financial Planners was placed into administration in January 2013 and liquidation in February 2013, along with other companies of which Mr Sherwin was a director, including Reacroft Pty Ltd, Astor Funds Pty Ltd and Blue Diamond Investments Pty Ltd. Stefan Dopking, Quentin Olde and Michael Ryan of FTI Consulting (previously Taylor Woodings) were appointed as liquidators of those companies, which collapsed owing more than $30 million to clients of Sherwin Financial Planners.

The liquidator of Sherwin Financial Planners received funding from ASIC via the Assetless Administration Fund to prepare a detailed report on their investigation into the company.

In September 2013, ASIC banned Mr Sherwin from providing financial services for two years and seven months as a result of his bankruptcy.

In April 2015 the former chief executive of Wickham Securities, Garth Peter Robertson, was charged with fraud.

In June 2013, ASIC cancelled the registration of the auditor of Wickham Securities, Brian Kingston, after forming the view that he failed to carry out or perform adequately and properly the duties of an auditor