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A Western Australia financial adviser who is alleged to have identified vulnerable people and assisted them with obtaining early access to superannuation has now been charged with dishonest conduct.
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WA financial adviser charged over dishonest early super conduct
02 October 2020
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Rahul Goel, of Western Australia, has now been charged with four counts of dishonest conduct.
ASIC alleges that between April 2019 and July 2019, Mr Goel engaged in dishonest conduct while carrying on a financial services business via his company, AR Wealth and Finance Pty Ltd.
The corporate regulator alleges that Mr Goel’s conduct involved a pattern of identifying vulnerable members of the community who may be susceptible to the suggestion that they can obtain early access to superannuation funds, and inducing those persons to apply without regard to their actual interests.
In an earlier interim hearing to prevent Mr Goel from leaving Australia and to freeze his assets, the Federal Court heard that Mr Goel had submitted numerous applications for the early release of members’ funds on the grounds of hardship.
ASIC alleges that the released funds were being paid into accounts of Mr Goel or associated individuals, and that significant fees allegedly charged to the members were being retained in those accounts after the balance of the funds were paid out.
The court also heard that Mr Goel created email accounts set up in the clients’ names without their authority for the purposes of making the applications and forged signatures on application forms.
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Mr Goel has been placed on bail with conditions that he not leave Australia and that he surrenders his passports and does not apply for any further passport or international travel document.
If convicted, each offence carries a maximum penalty of 15 years’ imprisonment.
The matter has been listed for mention before the Perth Magistrates Court on 4 December and is prosecuted by the Commonwealth Director of Public Prosecutions.
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