A Melbourne based accountant has pleaded guilty to ordering the redeeming of superannuation money on behalf of clients who had not qualified for retirement.
Ross Patrick Zagari of Essendon will be sentenced in the County Court of Victoria in December after pleading guilty to 50 charges of making false and misleading statements to induce a superannuation trustee to redeem all superannuation benefits for 49 exiting members and the preserved benefits of one exiting member.
According to the Australian Securities and Investment Commission (ASIC) who charged Zagari, he induced the trustee to redeem $1.6 million worth of superannuation benefits which was then forwarded to clients. In return, he received fees from the clients of between $600 and $800.
Zagari is on bail to appear before the County Court on December 8.
