Former SMSF adviser faces jail time
A former self-managed superannuation adviser has received an eighteen-month suspended sentence after he took $250,000 from two clients.
Craig Gerard Dangar pleaded guilty in the New South Wales Downing Centre district court of two counts of “financial advantage by deception” following a three-year investigation between 2004 and 2007 by the corporate watchdog.
Dangar recommended that two clients purchase a portion of his shares in Morris Finance Ltd, without identifying that he owned the shares, the Australian Securities and Investments Commission (ASIC) said.
He also indicated to one of the clients that the shares were likely to increase in value, ASIC added.
ASIC commissioner Peter Kell said ASIC was focused on promoting the integrity of the self-managed super industry so that consumers were confident in the sector.
“This case is a reminder to industry participants in the self-managed super space that dishonest conduct will not be tolerated and can lead to a criminal conviction,” Mr Kell said.
Mr Dangar will be sentenced separately before the Downing Centre Local Court on 11 April, 2013.