West Australian police are investigating allegations the sacked adviser took $235,000 from three customers' accounts without their authorisation, the inquiry heard on Tuesday.
The adviser, who was employed by ANZ financial planning subsidiary millennium3, told a number of clients to invest in property in a marina that was "available for a song" in 2011.
The clients received units in a trust set up for the investment, senior counsel assisting the commission Rowena Orr QC said.
"But what they didn't know was that Mr A had not purchased the property in the name of the trust.
"He used the money to purchase the property in the name of a company of which he was the sole director."
A number of customers of the sacked adviser complained about unauthorised withdrawals or transfers from self-managed super funds and investments in the unit trust.
ANZ head of wealth solutions and partnerships Kieran Forde said the bank did not yet know how many clients were affected by Mr A's conduct but it was at least eight.
The commission heard ANZ had notified WA police of allegations by three of Mr A's customers that he withdrew funds totalling $234,590 without their authority in 2011 and 2012.
