Adviser charged with dishonest conduct relating to superannuation
A financial adviser has been charged with dishonest conduct following allegations by ASIC that he acted dishonestly in relation to hardship and other applications to superannuation funds on behalf of his customers.
In a public announcement, ASIC stated that on 1 October 2020, Rahul Goel, of Success, Western Australia, appeared before the Perth Magistrates Court charged with four counts of dishonest conduct.
ASIC alleges that between April 2019 and July 2019, Mr Goel contravened sections 1041G(1) and 1311(1) of the Corporations Act 2001 (Cth) by engaging in dishonest conduct while carrying on a financial services business via his company AR Wealth and Finance Pty Ltd.
ASIC further alleges that Mr Goel acted dishonestly in relation to hardship and other applications to superannuation funds on behalf of his customers.
The matter has been listed for mention before the Perth Magistrates Court on 4 December 2020. 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, the corporate regulator stated.
If convicted, each offence carries a maximum penalty of 15 years’ imprisonment.
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
The charges follow an ASIC investigation into Mr Goel’s conduct when dealing with potentially vulnerable consumers in relation to their superannuation.
On 18 September 2020, ASIC said the Federal Court (Perth Registry) made interim orders in relation to Mr Goel and AR Wealth and Finance Pty Ltd, including restraining Mr Goel from leaving the jurisdiction, requiring him to surrender his passports and freezing the assets of Mr Goel and AR Wealth and Finance Pty Ltd.
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.
