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
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
