Former Perth adviser sentenced for super theft

A former Perth financial adviser has been sentenced after dishonestly obtaining over $35,000 from his clients’ superannuation.

Rahul Goel was sentenced in Perth District Court on 13 December to three years in prison, to be released after 18 months upon entering a $5,000 recognisance to be of good behaviour for two years.

An investigation by the Australian Securities and Investments Commission (ASIC) identified that after obtaining First Nations consumers’ super details, Goel submitted falsified benefit access applications or hardship applications to the super funds.

These applications were made in the members’ names, without their specific consent and contained Goel’s own or associates’ bank account details as the payment destination.

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He also provided false contact details on the forms , including his own phone number and address, and created false email accounts in the members’ names, to communicate directly with their superannuation funds.

Mr Goel also impersonated his clients over the telephone when communicating with their superannuation funds. After funds were successfully released into the bank accounts, Mr Goel retained up to 100% of the pay out in fees before forwarding the balance to the consumers.

ASIC deputy chair, Sarah Court, said: “ASIC was particularly concerned by Mr Goel’s conduct, which had many characteristics of a scam and a direct and adverse impact on First Nations consumers. ASIC will continue to prioritise its enforcement work in this area”.

In sentencing, his Honour Justice Levy said Goel’s conduct involved “deliberate and calculated acts of deceit” and constituted a significant breach of trust.

He had earlier pleaded guilty to two charges of dishonest conduct contrary to section 1041G of the Corporations Act 2001 and these were taken into account by the Judge when handing down sentence.

The matter was prosecuted by the Commonwealth Director of Public Prosecutions following a referral from ASIC.