Former adviser loses extradition fight

A former financial adviser now residing in New Zealand lost a bid to stop her from being extradited to Australia to face 136 charges related to the alleged theft of clients’ retirement savings.

- Jamie Williamson

Marion Joan Pearson, formerly based in Perth, is accused of having stolen millions of dollars intended for clients’ self-managed super funds.

She was permanently banned by ASIC in 2015 after it found she engaged in dishonest conduct and in conduct that was misleading or deceptive.

ASIC alleged Pearson created documents to disguise the fact she was funnelling client money that was intended for investing into a bank account held in her company's name, Colisa, without their knowledge. It also alleged she misled her licensee at the time, Ballast Financial Management, and clients into believing she had invested the money when she had not.