Guilty pleas on SMSF charges
A husband and wife who were involved in a business specialising in the management of self-managed superannuation funds (SMSFs) have pleaded guilty in the Melbourne County Court to a range of charges brought against them following an investigation by the Australian Securities and Investments Commission (ASIC).
The couple, Shaun White and Nicole White, faced charges relating to their involvement in PFS Business Development group — a company that specialised in the establishment of SMSFs during 2003 and 2004.
Shaun White pleaded guilty to nine counts of theft and two counts of dishonest conduct in relation to a financial product and one count of conducting a financial services business without a licence.
His wife, Nicole White, pleased guilty to one count of aiding and abetting dishonest conduct in relation to a financial product.
ASIC alleged White misled investors and acted dishonestly by encouraging them to roll their superannuation savings into SMSFs established by the company and to which he had access via a hidden power of attorney clause.
It was alleged that the clause, contained in one of the documents used to set up the fund, appeared to the investors to authorise the company to deduct its fee for setting up the superannuation fund from the fund's bank account and to make authorised investments.
The court was told, however, that the clause gave White unlimited access to the fund's account and ASIC alleged that he then transferred over $425,000 from his investors' accounts to his an account for his own use.
AUTHOR
Mike Taylor
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