Wickham Securities' Bradley Sherwin fronts Brisbane Court
Bradley Thomas Sherwin, principal of Sherwin Financial Planners, appeared in Brisbane Magistrates Court yesterday morning to answer 33 counts of dishonestly causing detriment totalling nearly $10 million.
Sherwin was also charged with one count of dishonestly breaching his duties as a director of Wickham Securities Limited between November 2009 and October 2010
The Australian Securities & Investment Commission (ASIC) has been investigating Sherwin since 2012.
Wickham Securities collapsed owing more than $27 million to 300 debenture holders. Self-funded retirees had invested millions in the mortgage lender through $1 unsecured deposit notes promising returns of 9.25% prior to its collapse.
It was placed into administration in December 2012 and then in liquidation in February 2013.
Sherwin Financial Planners was placed into administration in January 2013 and liquidation in February 2013.
The companies collapsed owing more than $30 million to clients of Sherwin Financial Planners.
Sherwin denied any wrongdoing and will return to court on July 23.
In 2013 ASIC obtained court orders to freeze the assets of the founder Bradley Sherwin and his wife Deborah.
Their former home in Wooloowin in Brisbane fetched $1.51 million mid last year. Deborah paid $915,000 in 2008 and renovated into a classic 1930's colonial home overlooking Kalinga Park.
Subsequent property sales have included the mortgagee sale of a Merrimac home at $1.11 million. It had been bought by the couple in 2006 at $2.15 million.
