Melbourne man pleads on super charges
A 70-year-old Melbourne man has pleaded guilty in the Melbourne County Court to charges relating to allegations of misconduct relating to superannuation.
The charges, brought by the Australian Securities and Investments Commission via the Commonwealth Director of Public Prosecutions, related to Karl Heinz Veljkovic of Beaconsfield and his conduct as a director of Teilis Financial Services.
Veljkovic pleaded guilty to one charge of dishonestly concealing or withholding material facts when inducing someone to redeem their existing superannuation interests and roll them over into a self-managed superannuation fund, which then invested its available funds in a loan to Supatrust Finance Limited, and one charge of dishonestly making improper use of his position as an officer of Aarosonic Credits by transferring a loan of $33,268.63 to Aaarosonic from a client’s self-managed superannuation fund to Supatrust.
It was alleged in the court that in providing advice to a client to loan nearly all their available superannuation to Supatrust, Veljkovic did not disclose his interests in Supatrust and other companies that had financial dealings with Supatrust.
The court was also told that Supatrust in turn advanced the funds in question to the benefit of persons and entities associated with Veljkovic.
The case against Veljkovic has been adjourned to April 3, next year, for a plea hearing.
AUTHOR
Mike Taylor
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
