Mr Glenn Russell Evans, a former Senior Client Advisor with Bell Potter Securities Limited, was charged with 15 counts of fraudulent conduct involving more than $1.06 million following an ASIC investigation into conduct arising from Mr Evan’s role as a director of Kismet Trading Pty Ltd (In Liquidation). Mr Evans is alleged to have used client funds for his own personal use instead of investing in Australian shares as agreed with his clients. Specifically, ASIC alleges Mr Evans entered into contracts with individuals to invest funds with Kismet Trading in two types of investment funds. While each of the funds was seen by Bell Potter as a staff account owned and operated by Mr Evans, client funds were being used to facilitate the investments. Further, Mr Evans dealt with the money in violation of the terms upon which it was received in that he: (i) failed to invest in listed Australian equities and derivatives; (ii) provided falsified trading and performance reports; and (iii) failed to repay the balance of the proceeds to the investors.