He was sentenced to 18 months imprisonment, with nine months to serve, and to be of good behaviour for a period of 18 months upon release pursuant to a recognisance in the amount of $5,000.

Grimm engaged in dishonest conduct on five occasions between 18 February 2015 and 12 March 2015, when he transferred funds between two of his clients’ self-managed superannuation funds (SMSFs) to three separate companies of which he was the sole director.

He has admitted that each of the companies: Thrive Lending, Trade BTC, and Beta Pharmacology, had little market value.

On a further seven occasions between 5 November 2015 and 11 November 2015, Grimm dishonestly transferred shares and convertible notes owned by his clients’ SMSF to Equity Capital Partners Hedge Fund without adequately advising his client that it was a company of which he was the sole director and in which he had a personal interest.

Grimm also failed to advise his client that the Australian Securities and Investments Commission (ASIC) had sought the winding up of entities related to him, including Ostrava Equities, and that he was banned from providing financial services by order of the Federal Court.

In sentencing, Judge Michael O’Connell remarked that Grimm was “well aware of his obligations” and that he “abused the position of trust that a licensed financial adviser holds”. His Honour found that Grimm’s “moral culpability was high”.

In imposing the sentence, Judge O’Connell took into account Grimm’s guilty plea.