Perth adviser charged with dishonest conduct
AR Wealth and Finance financial adviser, Rahul Goel, has been charged with four counts of dishonest conduct when dealing with vulnerable superannuation members by the Perth Magistrates Court.
This followed investigations by the corporate watchdog that alleged between April 2019 and July 2019, Goel contravened sections 1041G(1) and 1311(1) of the Corporations Act 2001 by engaging in dishonest conduct while carrying on a financial services business via his company AR Wealth and Finance.
The Australian Securities and Investments Commission (ASIC) said Goel acted dishonestly in relation to hardship and other applications to super funds on behalf of his customers.
Goel had been placed on bail and was not allowed to leave Australia, he must surrender his passport, and cannot apply for any further passport or international travel document.
If convicted, each offence carried a maximum penalty of 15 years of imprisonment. The matter had been listed for mention on 4 December, 2020.
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.