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
A NSW-based adviser has been banned from providing financial services for five years for inappropriate advice and the AFSL of his business has been cancelled by ASIC.
The introduction of Rhombus Advisory has caused a shift in the top advice licensees as Insignia separates its advice business into two channels.
Given the clear divergence between the cost of financial advice and clients’ willingness to pay, two experts explore how advisers can transform the way they convey value to potential clients.
Nearly 18 months since Invest Blue adopted its nine-day fortnight structure to support employee wellbeing, the national advice firm has enjoyed positive results across all metrics.
