Perth financial adviser allegedly ripped off clients of nearly $1 million to fund gambling habit

A Perth financial adviser who allegedly ripped off his clients of close to a million dollars faced Joondalup Magistrate's Court in his first appearance today.

West Australian police allege 38-year-old Mark Sebo from Yanchep misappropriated $948,236.96 of clients' funds without authority to do so.

He is accused of using that money to fund a gambling habit, transferring the allegedly stolen funds into personal online gambling accounts.

This was the first appearance for the 38-year-old Yanchep man. The magistrate today at Joondalup Court saying due to the seriousness of the charges his case needs to be heard in a higher court.

Sebo's licence to practice as a financial adviser has been cancelled by ASIC following the charges. Bail conditions also state he's not allowed to give financial advice to anyone.

He's also banned from contacting the clients he's alleged to have stolen from.

Sebo's bail was granted when a $50, 000 surety was paid by his mother, who was sitting in the court room.

He will face court again on October 14^th.