SMSF adviser sentenced for bilking clients
A former self-managed superannuation fund (SMSF) adviser has received concurrent suspended sentences of 18-months' imprisonment for obtaining financial advantage by deception.
The sentence against Craig Gerard Dangar was laid down yesterday in the NSW District Court after charges were brought by the Australian Securities and Investments Commission (ASIC).
ASIC conducted an investigation into Dangar's conduct between January 2004 and September 2007 "while he was employed to provide superannuation advice to trustees of SMSFs, and compliance advice to accounting firms", according to ASIC.
Dangar pled guilty to obtaining a financial advantage of $250,000 by recommending that two clients purchase a portion of his shares in Morris Finance Ltf, and misrepresenting the true owner of the shares.
He also indicated to one of his clients that the shares were likely to increase in value, according to ASIC.
ASIC commissioner Peter Kell said his organisation was dedicated to promoting the integrity of the SMSF industry.
"This case is a reminder to industry participants in the self-managed super space that dishonest conduct will not be tolerated and can lead to criminal conviction," Kell said.
Dangar will be sentenced separately on a related charge before the Downing Centre Local Court on 11 April 2013, according to ASIC.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
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