Adviser funnels millions of client funds offshore, report claims

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A rogue adviser has used clients' money for a personal offshore investment vehicle, a new report has alleged.

According to a report by The Weekend Australian, former HSBC Australia financial planner Simon Kwok has funnelled nearly $3m in client investments into a Singaporean company run by a close friend and business colleague. The Weekend Australian report claimed HSBC had been secretly pursuing Kwok for clients' funds invested while he was an employee.

Kwok is alleged to have used the funds of at least eight clients worth approximately $3m, though the report claimed HSBC had yet to fully account for how much money or how many clients were involved.

The Weekend Australian said none of the HSBC clients it spoke to had been interviewed by the police or ASIC, and HSBC had not commented on if or when the police and ASIC had been notified of the situation.