Former Sydney financial adviser charged with fraud

A former Sydney financial adviser has been charged with fraud after allegedly taking $600,000 out of client accounts.

Alan Leslie Brown, of Lugarno in New South Wales, appeared before the Downing Centre Local Court on Tuesday on 15 charges brought by the Australian Securities and Investment Commission.

ASIC claims Brown fraudulently withdrew $600,000 worth of funds from the accounts of five clients between July 2002 and July 2008.

In one case, it is claimed that Brown forged a client’s signature on a false withdrawal request to get funds out of a client’s accounts for his own purposes.

ASIC launched an investigation into Brown’s conduct after being tipped off by his former employer, Bridges Financial Services, where Brown worked June 2007 and June 2008.

Bridges, which is a subsidiary of Australian Wealth Management, took separate legal action against Brown in mid-2008, after claiming to have discovered evidence he misappropriated $160,000 of clients’ funds.

The Federal Court issued orders against Brown and his wife to freeze their assets in 2008.

ASIC said Bridges had cooperated fully with its investigation.

Brown was granted conditional bail and will be back before the Downing Centre Local Court on March 8.