Professional Misconduct

Walter John Fulleron-Smith

Address: Carrara, Qld, Australia
Sex: Male
Occupation: Financial adviser
Date: 17 December 2013


Former Storm Financial Ltd financial adviser Walter John (Wally) Fullerton-Smith faced court on 13 December 2013 with making a false or misleading statement to obtain a financial advantage.

It is alleged Mr Fullerton-Smith, of Carrara, Queensland, a former Queensland and Australian rugby league player of the 1980s and 1990s, misled an elderly couple from NSW in 2007 with the intent to obtain a financial advantage for himself and his wife, Kim Michele Fullerton-Smith.

The conduct allegedly occurred when Mr Fullerton-Smih was procuring the couple’s units, valued at approximately $706,436.94, in an MLC MasterKey Unit Trust as security for the trust margin loan account.

Specifically, it is alleged 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.

Appearing in Sydney’s Downing Centre Local Court, Mr Fullerton-Smith did not enter a plea.

Mr Fullerton-Smith was granted conditional bail and has surrended his passport to ASIC.

The matter was adjourned for further mention to 11 February 2014.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.