Remorseless superannuation predator still under scrutiny
A REMORSELESS company director who fleeced investors of retirement savings is under investigation.
On Monday, corporate watchdog ASIC confirmed it was still investigating Graeme Walter Miller.
NewsRegional previously reported Miller had been banned from providing financial advice for 25 years.
Victims in Ballina, NSW lost a fortune after making deposits worth $700,000 to one of Miller's companies.
On Friday, Wilsons Creek company Combined Financial Solutions and another linked to Miller were wound up.
The Federal Court in Brisbane said Miller caused more than $4.7million to be transferred by misrepresenting what he would do with clients' money.
"Mr Miller instead used those funds for his own personal purposes and to make interest payments to other clients," ASIC said on Monday.
These transfers "apparently for investment purposes" began in 2008, ASIC said.
In a judgment delivered on Friday, Justice John Reeves said Miller's behaviour was remorseless.
He said Miller showed no appreciation for "disastrous effects of his wrongdoing" on former clients.
"There is also no evidence that Mr Miller has any prospects of reforming his behaviour," Justice Reeves added.
On Friday, Combined Financial Solutions Pty Ltd was wound up, as was CFS Private Wealth Pty Ltd.
Justice Reeves said Miller was sole director and shareholder of those companies.
Apart from the financial services ban, Miller was disqualified from managing any corporations for three years.