The Local Court of NSW has imposed a conditional release on former Nexus Financial Planning director, Wael Kourieh, after he pleaded guilty to forging 30 member signatures on AMP superannuation investment election forms.
Kourieh pleaded guilted at the Local Court of NSW to one count of making false documents and one count of using false documents under the Crimes Act 1900 (NSW).
The court imposed a conditional release without conviction for a period of two years with the magistrate taking into account Kourieh’s remorse and cooperation with the investigation when handing down the decision.
The Australian Securities and Investments Commission (ASIC) found in late 2015, Kourieh:
- Made false documents by forging 30 member signatures on AMP superannuation investment election forms with the intention of inducing AMP employees to accept them as genuine; and
- Used the 30 false documents, knowing them to be false and intending they be used to induce AMP employees to accept them as genuine.
ASIC said his conduct was intended to obtain a financial advantage for himself via commissions from AMP.
Nexus purchased a client book for SuperLeader, an AMP corporate superannuation product where employers and employees could become members.
Nexus received commissions (known as trail commissions containing investment and admin fees) from AMP for each super member in the SuperLeader client book. ASIC said Kourieh was responsible for generating new business and administering the SuperLeader client book.