Ex-Apogee adviser pleads guilty
Former Apogee Financial Planning authorised representative, Ahmed Saad, has pleaded guilty to two counts of deception in relation to operating a scheme that provided illegal early access to superannuation for clients.
The Australian Securities and Investments Commission (ASIC) said Saad pleaded guilty to one count of obtaining financial advantage by deception and one count of attempting to obtain financial advantage by deception.
The scheme involved Saad submitting applications for one-off advice fees to Nulis Nominees (Australia), as trustee of the MLC Super Fund, for financial services he claimed he provided to clients. However, Saad did not provide any services but instead paid the funds back to clients, facilitating illegal early release of their super entitlements.
ASIC said between 11 November, 2016, and 13 October, 2017, Saad obtained $1,531,925 from Nulis on behalf of 168 clients, and between 11 August, 2017, and 11 October, 2017, Saad attempted to obtain a further $92,400 on behalf of 10 clients.
Each offence carried a maximum penalty of up to 10 years imprisonment.
The matter has been adjourned until 25 October, 2021, for a plea hearing before the County Court.
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.
