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
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
