A former Tasmanian financial adviser has been committed for trial after pleading guilty in the Hobart Magistrates Court to 110 charges relating to breaches of the Superannuation Industry (Supervision) Act.
The man, Mervyn William Mitchell faced charges following a joint investigation by the Australian Securities and Investments Commission and the Tasmanian Police.
It is alleged Mitchell breached the SIS Act, the Corporations Act and the Tasmanian code in that between July, 1995 and May, last year, he dishonestly obtained over $4.5 million from the superannuation and investment funds of 59 clients, which he used for his own purposes.
ASIC in early March banned Mitchell for life from providing financial services.
