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
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
