The Queensland police fraud squad is investigating the actions of a financial planner over allegations he misappropriated millions of dollars of client money.
The Fraud and Corporate Crime Group was examining allegations against former 360 Asset Management adviser Shaun Fitzgerald, a Queensland police spokesperson said.
The spokesperson was unable to provide any further details on the nature of the allegations or whether any charges had been laid against Fitzgerald.
It is believed Fitzgerald misappropriated around $4 million worth of client investments while employed as an adviser with the Queensland-based firm.
As well as the police probing into Fitzgerald's activities, the FPA has also begun its own investigation.
"The FPA is inquiring into the matter. Beyond that I can't tell you any other details of the progress of that investigation," FPA deputy chief executive Deen Sanders said.
Sanders was unable to provide any further comment on the association's investigation, though he was able to offer an insight into the FPA's process.
"When an allegation of fraud has been made then obviously the FPA does investigate ... to see if there is sufficient evidence to identify that fraud may occur. Then our formal obligation is to report that to the relevant policing agency and ASIC, at which point we provide them with whatever evidence we are able to," he said.
"Then our investigation progresses either in conjunction with theirs or at the conclusion of theirs.
"The consequences obviously are that if a charge of fraud is upheld and successfully prosecuted by the appropriate agencies, then the individual member is stripped of their membership and CFP (certified financial planner) as a consequence."
