Financial adviser faces more dishonesty charges over super misconduct
A WA adviser is facing further dishonesty offence charges over alleged superannuation-related misconduct.
On 23 April 2021, Rahul Goel, of Success, Western Australia, appeared before the Perth Magistrates Court charged with a further 12 counts of dishonest conduct and three counts of false certification of documents that occurred between November 2018 and July 2019.
ASIC stated these charges are in addition to the four counts of dishonest conduct laid by ASIC in September 2020.
“ASIC alleges Mr Goel contravened the Corporations Act by engaging in dishonest conduct while carrying on a financial services business via his company AR Wealth and Finance Pty Ltd,” the regulator said.
“If convicted, each offence carries the following penalties for each count of dishonest conduct, a maximum penalty of either 10 or 15 years’ imprisonment, and for each count of false certification of documents, a maximum penalty of seven years’ imprisonment.”
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions following an investigation and brief from ASIC and has been adjourned to 18 June 2021 for further mention.
In October last year, Mr Goel had appeared before the Perth Magistrates Court charged with four counts of dishonest conduct.
ASIC alleged 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.
The regulator further found that Mr Goel acted dishonestly in relation to hardship and other applications to superannuation funds on behalf of his customers.
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, the Federal Court (Perth Registry) then 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.