iscover Illegal early access scheme operator pleads guilty
RegulationA financial adviser who operated a scheme providing illegal early access to superannuation funds for his clients has now pleaded guilty to two count of deception.
Ahmed Saad, of Glenroy, Victoria, had obtained more than $1.5 million from Nulis Nominees Limited on behalf of 168 clients between November 2017 and October 2017 as part of his illegal early access scheme.
He later attempted to obtain a further $92,400 in 2017 on behalf of 10 of his clients.
Mr Saad and his business, Saad Wealth Management Pty Ltd, were authorised representatives of Apogee Financial Planning Limited when the scheme was in operation.
This scheme involved Mr Saad submitting applications for one-off advice fees to NULIS Nominees Limited, as trustee for the MLC Super Fund, supposedly for financial services that he claimed he had provided to clients.
The services were reportedly not provided, while the fees were rebated to clients granting them the early release of their super benefits.
He has now pleaded guilty to one count of obtaining financial advantage by deception and one count of attempting to obtain financial advantage by deception. Each offence carries a maximum penalty of up to 10 years imprisonment.
ASIC has also permanently barred Mr Saad from providing financial services.
The case is being prosecuted by the Commonwealth Director of Public Prosecutions and has been adjourned 25 October 2021 for a plea hearing before the County Court.
Jotham Lian
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.
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