The former principal of Sherwin Financial Planners Pty Ltd and chairman of Wickham Securities Ltd, Bradley Thomas Sherwin, was sentenced yesterday in the Brisbane District Court to a total of ten years imprisonment on 25 charges, primarily for fraud along with one count of breaching directors' duties.The charges were brought by the Commonwealth Director of Public Prosecutions following an ASIC investigation arising out of the collapse of Sherwin's financial planning business, quickly followed by several related companies, in January 2013 and February. At that time, these companies owed nearly A$60 million to approximately 400 clients. On 5 September 2017 Sherwin pleaded guilty to 24 counts of fraud by dishonesty between May 2009 and December 2012 and one count of breaching his duties as a director of Wickham Securities. He was sentenced to ten years imprisonment over the fraud charges and 12 months imprisonment for breach of director's duty. The offences had their origins in 2009, when the property development side of Sherwin's business interests began to suffer financial difficulties and did not have sufficient funds available to meet ongoing commitments.      ASIC explained in a media release following Sherwin's sentencing that these difficulties continued until the Sherwin group of companies and Wickham Securities were placed into administration - and later into liquidation - in December 2012 and early 2013, respectively.  Until then, Sherwin had used client funds to meet interest payments or to make capital redemptions to other clients, pay for property purchases and construction costs on behalf of his own company, and occasionally to make payments the Australian Taxation Office on behalf of one of his companies.  In August and September 2010, Mr Sherwin arranged for one of his companies to receive nearly A$4.5 million from Wickham Securities on the false premise that it needed to return funds to a deceased client.  The funds were then returned to Wickham Securities and falsely recorded as repayment of three non-performing loans.  The court also heard there was a lack of disclosure from Mr Sherwin to his clients about how their money would be invested. In other related actions by ASIC, the former chief executive officer of Wickham Securities, Garth Peter Robertson, was sentenced to five years imprisonment in September last year, after pleading guilty to various charges brought, including fraud.And in June 2013, ASIC cancelled the registration of the auditor of Wickham Securities, Brian Kingston, after forming the view he failed to carry out or perform adequately and properly the duties of an auditor.