Woman charged in relation to SMSF investments

ASIC/SMSF/dishonesty/crime/

19 February 2016
| By Jassmyn |
image
image
expand image

A woman has been charged in relation to dishonestly obtaining money through self-managed superannuation fund (SMSF) property investments, following an investigation by the Australian Securities and Investments Commission (ASIC).

Sydney-sider, Sarah Jane Busteed, appeared in the Downing Centre Local Court in Sydney, charged with three counts of dishonestly obtaining a financial advantage by deception and one count of dealing with over $100,000 that was the proceeds of the crime.

It was alleged that Busteed dishonestly obtained monies from those SMSFs, and separately dealt with monies obtained from an SMSF which are believed to be proceeds of the crime.

The Commonwealth Director of Public Prosecutions is prosecuting these matters.

Busteed was also charged with various other offences involving dishonestly obtaining financial advantage by New South Wales Police and those matters are being prosecuted by the NSW Director of Public Prosecutions.

In a statement, ASIC reported that the charges of dishonestly obtaining a financial advantage by deception contrary to section 192E of the NSW Crimes Act 1900 each carry a maximum penalty of ten years imprisonment, while the charge of dealing in the proceeds of crime contrary to section 400.4(1) of the Commonwealth Criminal Code carries a maximum penalty of twenty years imprisonment or a $216,000 fine or both.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND