A former financial advisor in South Australia has pleaded guilty in the Adelaide Magistrates Court on 52 counts of dishonesty charges brought by the Australian Securities and Investment Commission.

Robert Owen Bean was charged with misappropriating over A$1.3 million ($1.36 million) of client funds between 30 June 2003 and 30 June 2010. These he did while performing as a director of BCFR Financial Services Group and as an authorised representative of Charter Financial Planning. 

According to an ASIC filing, Bean transferred money from eight of his clients' investment or superannuation accounts into a bank account he had opened in the clients' names without their knowledge. The questionable activities were brought to the attention of the ASIC by BCFR and Charter.

Each of the offences carry a maximum penalty of five years in prison or a fine of A$22,000 or both. 

Bean, who has been permanently banned from providing financial services in May 2011, will appear in the District Court at Adelaide on 14 January 2013 for sentencing. Charter has already fully compensated all affected clients.