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Illegal early access to super scheme sees financial adviser charged


A Glenroy financial adviser could face up to 20 years in prison for operating an illegal early access to superannuation scheme.

Sponsored by John Buckley 9 minute read

Fronting the Victorian Magistrates’ Court last week, Ahmed Saad, a Glenroy financial adviser, was charged with two counts of deception following an ASIC investigation and the suspension of his services in 2018.

ASIC alleges that Mr Saad operated a scheme, through which he was illegally providing his clients with early access to their super funds, while he was working at Apogee Financial Planning Limited. 

The court heard that, between 11 November 2016 and 13 October 2017, Mr Saad received more than $1.5 million from Nulis Nominees Limited on behalf of 168 clients as a trustee of MLC Super Fund, before he attempted to obtain a further $92,400 in 2017 on behalf of 10 of his clients. 


Mr Saad applied to Nulis for one-off advice fees for providing financial services to his clients. The services were reportedly not provided, while the fees were rebated to clients granting them the early release of their super benefits.

Each of the offences carries a maximum penalty of up to 10 years in prison, with a maximum combined sentence of 20 years.

The case is being prosecuted by the Commonwealth Director of Public Prosecutions and has been adjourned to a committal mention hearing on 21 April.

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John Buckley

John Buckley


John Buckley is a journalist at Accountants Daily. 

Before joining the team in 2021, John worked at The Sydney Morning Herald. His reporting has featured in a range of outlets including The Washington Post, The Age, and The Saturday Paper.

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