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
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.