Banned trustee pleads guilty in Court
A Melbourne man, David Foulds, has been placed on an 18-month good behaviour bond and ordered to pay $1,500 to charity after pleading guilty to charges of having breached the Superannuation Industry (Supervision) Act, with respect to the Wall and Ceiling Superannuation Fund.
Foulds, who is a disqualified superannuation fund trustee, holds the position of director in superannuation consulting with accountancy firm, Pitcher Partners.
He pleaded guilty to making and keeping records of the Wall and Ceiling Superannuation Fund that did not correctly record and explain matters to which they related and with the intent of deceiving the Australian Prudential Regulation Authority (APRA) — a breach of section 307 of the SIS Act.
The court discharged Foulds without proceeding to conviction under section 19B of the Crimes Act on the condition that he be of good behaviour for 18 months and pay $1,500 to the Sacred Heart Mission.
The court said it would have recorded a conviction against Foulds and fined him $3,500 had it not been for his undertaking to offer assistance in the form of evidence against others in respect of any future proceedings.
APRA had already disqualified Foulds from acting as a trustee of any regulated superannuation entity.
AUTHOR
Mike Taylor
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
