An adviser specialising in self-managed super funds (SMSFs) has pleaded guilty to taking $250,000 from his clients by deception and making a false statement to the Australian Securities and Investments Commission (ASIC).
ASIC's investigation found Craig Dangar recommended that two of his clients purchase a portion of his shares in Morris Finance, without disclosing the true owner of the shares.
Dangar also told one client that the recommended shares were likely to experience capital growth.
He pleaded guilty to falsely claiming in a document lodged with ASIC, to being a director of SMSF Consulting.
Dangar told the regulator that he had the authority to take out a charge against the assets of SMSF Consulting, which resulted in Dangar obtaining the loan he required to originally purchase shares in Morris Finance.
He will appear in court later this week for sentencing.
