SMSF adviser faces charges of deception and misconduct

SMSFs/australian-securities-and-investments-commission/

15 February 2012
| By Staff |
image
image image
expand image

A self-managed superannuation fund adviser has appeared before the Downing Centre Local Court in Sydney, facing two counts of obtaining money by deception and one count of making a false or misleading statement in a document lodged with the Australian Securities and Investments Commission (ASIC).

The regulatory body alleged that Craig Gerard Dangar - who was employed by Sutherland-based accounting firm SMSF Consultants Pty Ltd between January 2004 and September 2007 - falsely claimed, in a document lodged with ASIC, that he was a company director in order to obtain a loan he required to purchase shares in Morris Finance Ltd (Morris).

He also gained a financial advantage of approximately $250,000 when recommending clients purchase shares in Morris by misrepresenting the true value of the shares.

Dangar was granted conditional bail and will return to court on 20 March 2012. The Commonwealth Director of Public Prosecutions is prosecuting the matter.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 6 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 2 days ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

3 days 22 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5