Walter John (Wally) Fullerton-Smith a former Storm Financial adviser and professional Rugby League player has faced court charged with making a false and misleading statement to obtain a financial advantage.
Fullerton-Smith appeared in Sydney’s Downing Centre Local Court facing allegations he misled an elderly couple with the intent to obtain a financial advantage for himself and his wife.
Fullerton-Smith, a financial adviser at collapsed firm Storm Financial allegedly procured the elderly couple’s units, which were valued at approximately $706,436.94, in an MLC MasterKey Unit Trust as security for the trust margin loan account. It was implied the investment would be safe if the couple signed documents authorising a third party mortgage over it as security for a proposed loan to either Mr Fullerton-Smith and his wife or The Young Trust, of which he was the trustee and he and his wife were primary beneficiaries, while omitting to inform them of the true nature and effect of the documents.
Mr Fullerton-Smith did not enter a plea and was granted conditional bail and has surrended his passport to ASIC.
The matter was adjourned until 11 February 2014.