Court dismisses appeal against 10-year sentence
The Court of Criminal Appeal has unanimously dismissed Gabriel Nakhl’s appeal against a 10-year sentence with a non-parole period, after being sentenced in March 2019 for advising clients to set up self-managed superannuation funds (SMSFs) while using the money for his own purposes.
The court had found Nakhl had lied to investors and tried to cover up his wrongdoing by having the 12 investors sign documents that authorised him to use the funds in the way he did.
On 5 March, Nakhl had lodged Notice of Appeal against his sentence which was heard on 6 July in the NSW Court of Appeal.
The judgment said the conduct of the former Australian Financial Services representative and sole director of SydFA was intentionally dishonest.
“The applicant’s scheme was to dishonestly use his client’s money for his own purposes out of greed and to benefit himself financially,” the judgement said.
“The findings made by her Honour as to his understanding of what he was doing, which involved a deliberate and consistent disregard of his clients’ instructions, well justify her Honour’s characterisation of the offending as being in the high range.”
AUTHOR
Chris Dastoor
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
