Former adviser sentenced to jail for early release of super scheme

Former financial adviser Ahmed Saad has been sentenced to nine months’ imprisonment for operating a scheme where he illegally allowed clients early access to superannuation funds.

The Glenroy, Victoria, resident was convicted by the County Court of Victoria of one count of obtaining financial advantage by deception and one count of attempting to obtain financial advantage by deception.

Saad was sentenced to nine months’ imprisonment for the first count and one month’s imprisonment for the second, to be served concurrently, after being found to have facilitated unlawful early access to superannuation.

Related News:

He was also sentenced to an 18-month community correction order, including 100 hours of unpaid community work.

From 10 April, 2012, until 16 October, 2017, Saad was the sole director Saad Wealth Management and was an authorised representatives of Apogee Financial Planning.

Beginning in October 2016, Saad operated a scheme in which he provided his clients illegal early access to their superannuation funds.

Saad submitted applications for one-off advice fees to NULIS Nominees, as trustee for the MLC Super Fund, in which he represented he had provided financial services to his clients when he had not. He would then pay these funds back to clients, facilitating unlawful early release of superannuation.

Between 11 November, 2016, and 13 October, 2017, Saad obtained $1,531,925 from NULIS on behalf of 168 clients.

Between 11 August 2017, and 11 October 2017, Saad attempted to obtain a further $92,400 on behalf of 10 clients and indirectly benefited from the scheme by growing his client base.

Saad was sentenced on 23 November 2021 after he first appeared before court on 24 February and entered a plea of guilty on 21 April, 2021.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions following a referral from the Australian Securities and Investments Commission (ASIC) which led to Saad being banned in December 2018.

Sarah Court, ASIC deputy chair, said the sentence imposed demonstrated the seriousness of the misconduct.

“Facilitating the unlawful early release of superannuation can lead to the erosion of people’s super balances, which has the potential to lead to long-term hardship,” Court said.

“ASIC will continue to take action to protect the superannuation assets of consumers.”




Recommended for you

Author

Comments

Comments

If facilitating the early release of superannuation balances causes the erosion of peoples super balances and the potential for long term hardship, why were people allowed to take out $20,000 tax free due to Covid with little to no oversight as to whether the funds were required?

Yes agreed this Adviser did the wrong thing many times and deserved punishment.
But
How many Big Bank & AMP managers, AFSL RM, CEO’s and Board Members who knowingly stole at least $5,500,000,000 from clients Super and investments, have been to court, been fined, been banned or imagine an exec going to jail.
What a disgusting set of double standards that the big wig execs can steal $$$$$$$Billions and no one is held to account. Pathetic ASIC

isn't he an accountant? I think he is an accountant.

How do we find out? We should certainly correct the record if he wasn't a financial adviser, we have enough people lining up to bag us unfairly!

the FAR does show he was on the register but is now CEASED. go to the register

It says in the article he was an authorised representative of Apogee Financial Planning... that means he is an adviser. A lot of people in these comments sections need to get their eyes checked.

I was just demonstrating what the media does.

Add new comment