Former Perth adviser sentenced for super theft
A former Perth financial adviser has been sentenced after dishonestly obtaining over $35,000 from his clients’ superannuation.
Rahul Goel was sentenced in Perth District Court on 13 December to three years in prison, to be released after 18 months upon entering a $5,000 recognisance to be of good behaviour for two years.
An investigation by the Australian Securities and Investments Commission (ASIC) identified that after obtaining First Nations consumers’ super details, Goel submitted falsified benefit access applications or hardship applications to the super funds.
These applications were made in the members’ names, without their specific consent and contained Goel’s own or associates’ bank account details as the payment destination.
He also provided false contact details on the forms , including his own phone number and address, and created false email accounts in the members’ names, to communicate directly with their superannuation funds.
Mr Goel also impersonated his clients over the telephone when communicating with their superannuation funds. After funds were successfully released into the bank accounts, Mr Goel retained up to 100% of the pay out in fees before forwarding the balance to the consumers.
ASIC deputy chair, Sarah Court, said: “ASIC was particularly concerned by Mr Goel’s conduct, which had many characteristics of a scam and a direct and adverse impact on First Nations consumers. ASIC will continue to prioritise its enforcement work in this area”.
In sentencing, his Honour Justice Levy said Goel’s conduct involved “deliberate and calculated acts of deceit” and constituted a significant breach of trust.
He had earlier pleaded guilty to two charges of dishonest conduct contrary to section 1041G of the Corporations Act 2001 and these were taken into account by the Judge when handing down sentence.
The matter was prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.
AUTHOR
Laura Dew
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.
These sort of criminal financial advisers do not help the cause for a professional independent financial advisory industry.
https://www.afr.com/companies/financial-services/super-fund-trustee-snouts-in-the-trough-20211031-p594mz