Following an ASIC investigation, Ms Sarah Jane Busteed, of Sydney, pleaded guilty on 23 October 2017 in the New South Wales District Court to two charges that she dishonestly obtained client funds and to one charge of dealing with over $100,000 of client funds that were the proceeds of crime. Ms Busteed admitted her guilt in respect of a fourth charge that she dishonestly obtained client funds and this offending will be also be taken into account when she is sentenced.
The charges to which Ms Busteed has pleaded guilty alleged that she provided services to individuals and Self Managed Superannuation Funds (SMSFs) on property investments. On various dates in 2012, Ms Busteed dishonestly and by deception obtained $57,000 from a law firm and $36,000 from a client’s SMSF account, and also dealt with $163,968 obtained from that client’s SMSF account which she knew to be the proceeds of crime. It is alleged that the funds were used for various purposes, including for Ms Busteed’s personal expenses.
Ms Busteed was refused bail and a sentencing hearing has been listed for 21 June 2018 in the New South Wales District Court.
The Commonwealth Director of Public Prosecutions is prosecuting these matters.
Ms Busteed has already been sentenced for other offences involving dishonestly obtaining financial advantage in New South Wales and is serving a custodial term.
The two 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.
The one 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 $132,000 fine or both (as it applied at the time of the offences).
[ASIC website – Media Release 17-367MR; LTN 209, 1/11/17; TM Nov 2017]