A Gold Coast financial adviser and accountant has been jailed for more than two years after a Federal investigation found he misused about $800,000 of client funds. Reedy Creek man Satvir Singh Birk, 42, was today sentenced in the Southport District Court to two and a half years imprisonment, following an Australian Securities and Investment Commission investigation. Birk pleaded guilty in May to five counts of dishonestly using his position as director of The Carter Group with the intention of gaining an advantage, for himself or others, in the amount of approximately $800,000. The charges related to conduct ASIC said occurred between September 2010 and October 2011, while Birk was an authorised representative of Professional Investment Services and a director of the Carter Group, which is now in external administration and was an authorised representative of PIS. ASIC alleged that Birk caused unauthorised cheques to be drawn from his clients’ superannuation accounts and deceived some clients about what their withdrawn super funds were being used for. ASIC said Birk also deceived another client over what price units in an unlisted investment scheme had been sold for and used some of the proceeds to benefit his father. The regulator alleged Birk misled clients about value and other details of units they had purchased in an investment scheme. ASIC Commissioner Danielle Press described the adviser’s actions as “dishonest and betrayed the trust of his clients”. “Today’s decision shows this type of behaviour will be met with serious consequences,” she said. Birk, who was permanently banned from providing financial services last July, will be released after serving four months on a two-and-a-half year, $10,000 good behaviour bond.
