SMSF adviser pleads guilty to deception
An adviser specialising in self-managed super funds (SMSFs) has pleaded guilty to taking $250,000 from his clients by deception and making a false statement to the Australian Securities and Investments Commission (ASIC).
ASIC's investigation found Craig Dangar recommended that two of his clients purchase a portion of his shares in Morris Finance, without disclosing the true owner of the shares.
Dangar also told one client that the recommended shares were likely to experience capital growth.
He pleaded guilty to falsely claiming in a document lodged with ASIC, to being a director of SMSF Consulting.
Dangar told the regulator that he had the authority to take out a charge against the assets of SMSF Consulting, which resulted in Dangar obtaining the loan he required to originally purchase shares in Morris Finance.
He will appear in court later this week for sentencing.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
