iscover Tax practitioner charged with multiple counts of fraud
RegulationA Brisbane-based tax agent and SMSF auditor has been charged with multiple offences after allegedly misappropriating $4.9 million in client funds.
Sunny Mahendra Prakash, a financial adviser, registered tax practitioner and SMSF auditor, was charged in the Brisbane Magistrates Court on 6 March with multiple dishonesty offences.
Prakash is a director of Principal Financial Services Pty Ltd, Self-Managed Super Pty Ltd, Provest Enterprises and Super Funds Australia Pty Ltd ITF Principal Superannuation Fund.
He was charged with two counts of dealing in securities without a licence. He was also charged with two breaches of ss 1041G and 1311 of the Corporations Act.
In addition, Prakash was charged with seven counts of dishonestly applying property of another to himself or another, in circumstances where the value of the property has a value of at least $100,000 (aggravated fraud).
The charges follow an ASIC investigation into Prakash's conduct.
In a public statement, ASIC alleged that between January 2026 and June 2024, Prakash engaged in the provision of unlicensed financial services related to securities, executed unauthorised share trades on client accounts, falsified a fixed-term deposit certificate and misappropriated funds from both personal and SMSF bank accounts belonging to his clients for his benefit or the benefit of third parties.
The corporate regulator has alleged that Prakash misappropriated $4,912,435.80 in funds and caused trading losses of approximately $1,277,776.94.
ASIC said that Prakash was authorised by Principal Financial Services Pty Ltd at the relevant time to provide product advice regarding, amongst other products, retirement savings account products and superannuation.
The matter is being prosecuted by the Office of the Director of Public Prosecutions and has been adjourned for further mention on 15 May 2026.
The Federal Court previously made orders in March last year preserving the assets of Prakash and his related companies and restraining him from leaving Australia.
ASIC said that supporting better retirement outcomes and member services, and improving consumer outcomes, remained a core strategic priority for ASIC.
"Combatting investment scams and reducing their impact on Australian consumers continues to be an ongoing priority for ASIC," it said.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
