Sydney woman pleads guilty to SMSF-related offence
Following an ASIC investigation, a Sydney woman has pleaded guilty to two charges of dishonestly obtaining a financial advantage by deception and one charge of dealing with the proceeds of crime.
Sarah Jane Busteed admitted her guilt in dishonestly obtaining client funds and dealing with client funds that were the proceeds of crime. The charges allege that she provided services to individuals and self-managed superannuation funds (SMSFs) on property investments.
In 2012, Busteed obtained $57,000 from a law firm and $36,000 from a client’s SMSF account, through dishonesty and deception.
She also dealt with $163,968 from that client’s SMSF account, which she knew to be the proceeds of crime. The uses for which the funds were used included Busteed’s personal expenses.
Busteed further admitted to dishonestly obtaining client funds in respect of a fourth charge. This offence will be taken into account in sentencing.
The Commonwealth Director of Public Prosecutions is prosecuting Busteed’s charges, which carry an accumulative total penalty of 40 years in prison. The accused has already been sentenced for other offences involving dishonestly obtaining financial advantage in New South Wales.
Busteed is currently serving a custodial term and has been refused bail. Her sentencing hearing is listed in the New South Wales District Court for 21 June 2018.
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