ASIC has advised that a former self-managed superannuation advisor was on Wed 20.2.2013 sentenced in the NSW District Court, Downing Centre in Sydney to concurrent suspended sentences of 18 months imprisonment after pleading guilty to 2 charges brought by ASIC of obtaining financial advantage by deception.
Charges were brought by ASIC following an investigation into the man’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.
ASIC said the man pleaded guilty to obtaining a total financial advantage of $250,000 by recommending that 2 clients purchase a portion of his shares in Morris Finance Ltd, and misrepresenting the true owner of the shares. ASIC said he also indicated to one of the clients that the shares were likely to increase in value.
Source: ASIC release 13-030MR, 21 February 2013
[LTN 35, 21/2/13]