Former Perth adviser sentenced for super theft

ASIC/Perth/superannuation/

14 December 2022
| By Laura Dew |
image
image
expand image

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.

Read more about:

AUTHOR

Submitted by Hedware on Wed, 2022-12-14 15:36

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

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 2 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 2 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 3 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

4 days 12 hours ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

1 week 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND