Victorian financial planner permanently banned
The Australian Securities and Investments Commission (ASIC) has permanently banned Victorian financial planner, Ahmed Saad of Glenroy, from providing financial services for dishonestly obtaining money from retail superannuation fund accounts for the purposes of operating a scheme providing clients with illegally early access to their superannuation.
The banning followed ASIC’s investigation into Saad’s conduct as an authorised representative of Apogee Financial Planning and through his business Saad Wealth Management, between October 2016 and September 2017, which found that he had breached financial services laws by:
- Engaging in dishonest conduct on approximately 164 separate occasions illegally obtaining funds from client superannuation accounts for a total of $1.4 million from Nulis Nominees Australia
- Engaging in misleading and deceptive conduct by falsifying figures and details in client statements of advice and adviser remuneration fee forms
- Failing to act in the best interests of his clients and not providing them with appropriate advice
Saad, who according to ASIC “was not of good fame and character”, has the right to lodge an application for review with the Administrative Appeals Tribunal (AAT).
AUTHOR
Oksana Patron
Recommended for you
While the last several months have seen increased market volatility, particularly in the US, advisers said there are multiple reasons why there has been an increase in defensive asset flows.
Scarcity Partners believes the dynamics playing out in the managed account and outsourced chief investment officer market are “here to stay” based on positive developments in financial advice.
Former executive chairman of failed stockbroker BBY, Glenn Rosewall, has been charged with aiding, abetting, counselling or procuring BBY’s dishonest conduct in relation to a financial service.
Fidelity International research has revealed Australian investors are significantly more optimistic about the market outlook and feeling more comfortable than their APAC peers, despite ongoing market volatility.
