Ex-Apogee adviser pleads guilty
Former Apogee Financial Planning authorised representative, Ahmed Saad, has pleaded guilty to two counts of deception in relation to operating a scheme that provided illegal early access to superannuation for clients.
The Australian Securities and Investments Commission (ASIC) said Saad pleaded guilty to one count of obtaining financial advantage by deception and one count of attempting to obtain financial advantage by deception.
The scheme involved Saad submitting applications for one-off advice fees to Nulis Nominees (Australia), as trustee of the MLC Super Fund, for financial services he claimed he provided to clients. However, Saad did not provide any services but instead paid the funds back to clients, facilitating illegal early release of their super entitlements.
ASIC said between 11 November, 2016, and 13 October, 2017, Saad obtained $1,531,925 from Nulis on behalf of 168 clients, and between 11 August, 2017, and 11 October, 2017, Saad attempted to obtain a further $92,400 on behalf of 10 clients.
Each offence carried a maximum penalty of up to 10 years imprisonment.
The matter has been adjourned until 25 October, 2021, for a plea hearing before the County Court.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
