Sydney woman pleads guilty to SMSF-related offence

SMSF ASIC fraud financial planning jail law

1 November 2017
| By Hannah Wootton |
image
image
expand image

Following an ASIC investigation, a Sydney woman has pleaded guilty to two charges of dishonestly obtaining a financial advantage by deception and one charge of dealing with the proceeds of crime.

Sarah Jane Busteed admitted her guilt in dishonestly obtaining client funds and dealing with client funds that were the proceeds of crime. The charges allege that she provided services to individuals and self-managed superannuation funds (SMSFs) on property investments.

In 2012, Busteed obtained $57,000 from a law firm and $36,000 from a client’s SMSF account, through dishonesty and deception.

She also dealt with $163,968 from that client’s SMSF account, which she knew to be the proceeds of crime. The uses for which the funds were used included Busteed’s personal expenses.

Busteed further admitted to dishonestly obtaining client funds in respect of a fourth charge. This offence will be taken into account in sentencing.

The Commonwealth Director of Public Prosecutions is prosecuting Busteed’s charges, which carry an accumulative total penalty of 40 years in prison. The accused has already been sentenced for other offences involving dishonestly obtaining financial advantage in New South Wales.

Busteed is currently serving a custodial term and has been refused bail. Her sentencing hearing is listed in the New South Wales District Court for 21 June 2018.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 days 15 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

6 days 21 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 4 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 6 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

5 days 19 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

4 days 22 hours ago