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.
AUTHOR
Staff Writer
Recommended for you
Following an extraordinary general meeting today, Dixon Advisory parent company E&P Financial Group’s shareholders have voted on its proposed delisting from the ASX.
While overall financial adviser numbers have dipped below 15,500 this week, Rhombus Advisory is experiencing growth and approaching 500 advisers in its ranks.
Iress’ Xplan continues to dominate the financial planning software market with a multitude of uses, according to Netwealth research, despite newer players battling for a piece of the pie.
ASIC has shared the percentage of breach reports related to financial advice in FY24, noting increased reporting by smaller AFSLs.
